Cadbury Nigeria Plc has announced a profit after tax of N1.54 billion for first quarter ended March 31, 2022 representing a growth of over 538 per cent when compared to N242 million realised in the same period in 2021.
Its unaudited financial abatement showed that Profit before tax grew by 538 per cent to N2.2 billion in Q1 2022 from N345.1 million reported in Q1 2021.
The results released over the weekend at the Nigerian Exchange Limited (NGX) showed that its turnover increased by 43 per cent to N12.8 billion in Q1 2022 from N8.92 billion reported in Q1 2021.
The Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye in a statement said the company’s current repositioning strategy is beginning to yield the desired results.
She said: “The business environment in which we operate continues to be challenging. With high inflation and spiralling Naira devaluation resulting in a significantly higher cost of doing business in Nigeria, we have had to increase the price of our products to bridge the huge cost from high commodity and FX impact on most of our input costs.
“We recognize the importance of nourishing and delighting our consumers with the right snacks and we will continue to make our iconic brands available to our consumers while also delivering acceptable returns to our shareholders.”
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