Cadbury Nigeria loses N19.09bn in 2023

Cadbury Nigeria Plc has announced a loss of 3,374 per cent for the year ended Dec.31, 2023, as it recorded N19.09 billion loss, as against N583.1million posted in year 2022.

Mrs Fola Akande, Company Secretary, Cadbury Nigeria stated this in the firm’s annual report and financial statement sent to the Nigerian Exchange Ltd(NGX) on Tuesday in Lagos.

Akande said that the company’s Profit After Tax (PAT) for the year under review declined by 2,269 per cent to settle at N28.157billion, as against N1.298 billion recorded in year 2022.

She however, stated that Cadbury Nigeria made a gross profit of N17.337 billion for its 2023 financial year, compared to N7.723 billion posted in year 2022, indicating an increase of 124 per cent.

The company said for the year ended 2023, the company’s revenue rose by 46 per cent to N80.379 billion, compared to N55.213 billion posted in the previous year.

According to her, the company’s operating activities recorded an increase of 3,957 per cent, from N194.06 million posted in 2022 to N7.872 billion, as at Dec. 31, 2023.

Akande said that the company’s share capital traded flat at N939,101 in the year under review, as indicated in the year 2022 also.

She noted that the total equity traded by the company in the year 2023 also dropped by 149 per cent to 6,513,678 as against 13,302,629 traded in the year 2022.

The company secretary said that the market capitalisation of Cadbury Nigeria, which closed at N22.351 billion as at Dec.31, 2022, recorded 60 per cent increase within the year under review to settle at N35,685,837 as at Dec.31,2023.

According to Akande, the company’s stock quoted on the floor of the Exchange as at Dec.31, 2023 gained 60k, to close at N19, compared to N11.90 per share, traded in the previous year.

Cadbury Nigeria Plc manufactures and markets a range of chocolate malt drink mixes, sweets, powder beverages and chewing gums in Nigeria.