Amidst Tough Operating Environment Cadbury Nigeria Grows Profit by 169%
Written by Broad Admin on April 11, 2022
Cadbury Nigeria Plc recorded 169 per cent growth in pre-tax profit in 2021 as the company pushed its turnover to all-time high of N42.37 billion.
The audited report and accounts of Cadbury Nigeria for the year ended December 31, 2021 showed that gross earnings rose by 19.67 per cent to N42.37 billion in 2021 as against N35.41 billion recorded in 2020. Pre-tax profit grew from N408.1 million in 2020 to N1.1 billion in 2021, representing an increase of 169.1 per cent. The company continued to maintain a strong balance sheet with total assets of N43.69 billion in 2021, an increase of 31.55 per cent above N33.210billion recorded in 2020.
In a statement, Managing Director, Cadbury Nigeria Plc, Mrs. Oyeyimika Adeboye, attributed the company’s strong performance in 2021 to the effectiveness of its strategy and capacity to generate sustainable revenue.
“Despite the tough operating environment characterised by high cost of doing business, rising inflation, high cost of fund, difficulty in accessing forex, and policy inconsistency, which increased our manufacturing, selling and distribution expenses, we recorded an appreciable increase in our topline growth, which is our highest so far,” Adeboye said.
She, however, noted that the company’s export business was impacted by volatility in foreign exchange (forex) rate and the perennial port congestion in Apapa, Lagos State.