Cadbury Nigeria grows revenue by 51% in Q3 2024
Cadbury Nigeria Plc, a subsidiary of Mondelez International, has announced a revenue of N89.5billion for the third quarter of 2024, which represents an increase of 51 percent over the N59.2billion it declared in the third quarter of 2023.
Cadbury Nigeria’s gross profit dropped by 9 percent from N16.3billion recorded in 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.
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.”
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2022 net revenues of approximately $31.5 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ.
Cadbury Nigeria Plc (CNP), a publicly quoted company, is the pioneer cocoa beverage manufacturer offering some of the most loved brands in the country. Cadbury Nigeria is a 74.99%-owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivalled portfolio of brands. The remaining 25.01% of shares are held by a diverse group of indigenous, individual and institutional investors. A front-runner in beverages, confectionery and gum, Cadbury Nigeria’s quality products–Bournvita, Hot Chocolate 3 in 1, TomTom, Buttermint, and Clorets–are market leaders in their respective consumer segments. For more information, visit www.cadburynigeria.com or www.mondelezinternational.com/About/Nigeria
