Breaking News: One of the foremost player in Nigeria’s beverages, drinks, sweets and foods industry Cadbury Nigeria Plc have had a revenue increase as shown in their latest financial report.
The report also shows a decrease in overall losses, with losses declining from N14.5 billion in H1 2023 to N9.7 billion in H1 2024.
It registered a 44% increase in revenue largely driven by domestic sales, from N35.6 billion in H1 2023 to N51.4 billion in H1 2024. Domestic sales at N45.8 billion accounted for 90% of its total revenue while export sales at N5.6 billion accounted for 10% of its revenue.
On June 5, 2024, during the company’s Annual General Meeting, they appointed Bunmi Lawson as the new non-executive director. They also reappointed Ibukun Awosika and Kofo Akinkugbe as directors.
A statement from Cadbury Nigeria obtained by 9AM News Nigeria read “The board of Cadbury Nigeria (the Company) wishes to inform the Nigerian Exchange Limited, the investing public and other stakeholders, that further to the Corporate Announcement of February 5, 2024, on the retirement of Fola Akande as the company secretary of Cadbury Nigeria effective from June 17, 2024.
Fola Akande is on a contract at Cadbury Nigeria Plc till the new Company Secretary resumes.
Highlights of Cadbury Nigeria Plc financial report for H1 2024
A scrutiny of Cadbury Nigeria Plc financial report obtained by 9AM News shows that:
- The company’s post-tax loss is N9.7 billion.
- They recorded an income tax credit of 4.15 billion.
- The company recorded N45.8 billion in sales accounting for 90% of total revenue from sales.
- It recorded N5.6 billion in sales from products exportation accounting for 10%.
- Its operating expenses rose from N4.1 billion in H1 2023 to N4.65 billion in H1 2024.
- Net finance cost dropped to N18.6 billion in H1 2024 from N20.6 billion in H1 2023.
- Cash flow from operations stood at N14.1 billion and cash generated from operations is N4.4 billion.
- Amount expended in reinvesting and recapitalization stood at N1.65 billion.
- Cash spent on other financing operations stood at N2.48 billion.
Cadbury Nigeria is a leading beverages, sweets, foods and drinks producer with headquarters in Lagos Nigeria and servicing the large Nigerian market as well as markets in many West African countries. listed in the Nigerian Stock Exchange.
Finding by Ogasabi reveal that Cadbury is one of the subsidiaries or sub-companies of Mondelez International, one of the foremost snack makers in the world.
Read More Financial Report On 9am News Nigeria With Ogasabi
