Cabdury Nigeria announces 43% revenue increase in Q1
By Oluwaseyi Lawal
Cadbury Nigeria Plc has experienced a remarkable 43 percent increase in revenue, amounting to N23.695 billion in the first quarter of 2024, ending on March 31st (Q1’24).
This figure reflects a substantial rise compared to the N16.563 billion reported during the corresponding period in 2023.
In addition to the revenue surge, Cadbury Nigeria also disclosed an operating profit of N2.760 billion for the first quarter of 2024. However, this marks a 39 percent decrease from the N4.553 billion recorded in the same period in 2023.
Oyeyimika Adeboye, the Managing Director at Cadbury Nigeria Plc, emphasized the company’s commitment to maintaining its leading position despite the challenging business landscape encountered by all Fast-Moving Consumer Goods (FMCG) sector players. This difficulty is largely attributed to forex losses and the escalation of inflation.
She observed that the purchasing power of consumers has been greatly affected by the elevated cost of living, leading to continued repercussions on demand and capacity utilization as businesses strive to sustain their operations. Despite grappling with these hurdles, Adeboye affirmed the company’s steadfast dedication to operating in Nigeria.
She said, “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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