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Cadbury Nigeria records 43% revenue growth in Q1 2024

 

Cadbury Nigeria Plc has announced a significant revenue growth of 43%, reaching N23.695 billion in the first quarter ended March 31, 2024, compared to N16.563 billion in the same period in 2023.

Despite the impressive revenue increase, the company reported an operating profit of N2.760 billion for Q1 2024, which is 39% lower than the N4.553 billion reported in Q1 2023.

Managing Director of Cadbury Nigeria Plc, Oyeyimika Adeboye, expressed optimism about the company’s future amidst the challenging business environment faced by the FMCG sector, citing forex losses and rising inflation as key challenges.

Adeboye highlighted the impact of high living costs on consumer purchasing power, affecting demand and capacity utilization. However, she reaffirmed the company’s commitment to Nigeria, stating, “We will continue to evolve strategies for weathering the storm. We are here for the long haul and will do all we can to meet the needs of our stakeholders.”

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