51% revenue jump for Cadbury Nigeria in Q3 2024

Stanley Ihedigbo

Cadbury Nigeria,  has reported a significant 51% increase in revenue for the third quarter of 2024, reaching N89.5 billion.

This substantial growth surpasses the N59.2 billion revenue declared in the same period of 2023, demonstrating the company’s impressive performance as a subsidiary of Mondelez International.

Cadbury Nigeria’s gross profit dropped by 9 percent from N16.3billion recorded in the third quarter of 2023 to N14.7billion in the period under review, while it made a loss of N11.8billion in Q3 2024 compared to N10.2billion in Q3 2023, which is a 16 percent increase.

In a statement, the Company noted that the naira devaluation caused by the persistent forex crisis and high cost of operation have continued to impact negatively on its profitability, despite growth in turnover. Cadbury Nigeria reaffirmed its commitment to doing business in the country, despite the current challenging operating environment.

The statement said Cadbury Nigeria had taken steps to mitigate some of these challenges, adding that its shareholders had earlier this year, approved the conversion of an outstanding intercompany loan of $7.718 million (₦7,036 billion) owed to its majority shareholders, Cadbury Schweppes Overseas Limited, to equity, at an Extraordinary General Meeting, in Lagos.

The Managing Director of Cadbury Nigeria, Oyeyimika Adeboye said: “We are not insulated against the harsh business environment in Nigeria that has impacted negatively on the profitability of many companies across virtually all sectors of the economy.

“Despite this, we would like to reassure our stakeholders, particularly our shareholders and customers, that we will continue to remain innovative and resilient to help us better manage these challenges. We are here for the long haul,” he added.