Cadbury Nigeria records 4,228% increase in operating profit

…Wins Top Employer in Nigeria Award

By Nkiruka Nnorom

Cadbury Nigeria Plc has announced an operating profit of N8.397 billion for the full year ended December 31, 2023.

This, according to the company’s audited financial statement filed with the Nigerian Exchange Limited, represents a 4,228 percent increase over the N194 million recorded in the same period in 2022.

This is even as the company was rated number one Top Employer in Nigeria by the Amsterdam Based Top Employers Institute.

The company’s gross profit also rose by 130 percent to N17.790 billion in 2023 from N7.723 billion in 2022, while revenue increased by 46 percent to N80.379 billion within the period under review from N55.213 billion in 2022.

Commenting, Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, said the company sustained its current growth trajectory despite the difficult operating environment in the country, due to its resilience as well as focus on revenue and cost management.

Noting that the massive devaluation of the Naira impacted negatively on businesses particularly operators in the fast-moving consumer goods (FMCGs) sector that rely on imported inputs, in the period under review, she said the increase in the company’s operating profit was an indication that the growth strategies that it has put in place are yielding fruit.

“We operate in a challenging environment that requires a degree of creativity and tenacity to remain in business,” Adeboye added. “Despite the strong economic headwinds we faced during the year under review, Cadbury Nigeria remains committed to delivering value for its various stakeholders and we shall continue to put our consumers at the heart of what we do.”

Meanwhile, Cadbury Nigeria was rated number one Top Employer in Nigeria by the Amsterdam Based Top Employers. It was rated number two last year in Nigeria and recognised with the prestigious Top Employer certification as a Regional Top Employer in Africa, for the third consecutive year.

Commenting on the award, Adeboye said: “As we celebrate this milestone, we remain focused on the future, our commitment to excellence, and innovation. The well-being of our people will continue to drive us forward. We are excited about the opportunities that lie ahead and the positive impact we make together.”

She added that the company is focused on nourishing and delighting consumers with the right snacks and remains committed to its stakeholders.

Wole Odubayo, Human Resources Director, Cadbury Nigeria, who dedicated the award to the employees of the company, added: “You are the force behind our success, and we are immensely proud to have you as part of the Cadbury Nigeria family.”