Cadbury Nigeria grows revenue by 43% in Q1’24

Cadbury Nigeria Plc has announced revenue of N23.695 billion for the first quarter ended 31 March 2024 (Q1’24).

This represents an increase of 43 percent over the N16.563 billion recorded in the same period in 2023.

The company also announced an operating profit of N2.760 billion in the first quarter of 2024, which is, however, 39 percent lower than the N4.553 billion that it declared within the same period in 2023.

In a statement, Oyeyimika Adeboye, Managing Director, Cadbury Nigeria Plc, commented on the challenging business environment that all operators in the FMCG sector are facing, particularly driven by forex losses and rising inflation.

She noted that consumer purchasing power has been significantly impacted by the high cost of living and this continues to impact demand and capacity utilisation as businesses juggle to remain in existence. Despite these challenges, Adeboye said the company remains committed to doing business in Nigeria.

“We will continue to evolve strategies for weathering the storm. We are here for the long haul and will do all we can to meet the needs of our stakeholders,” she said.