Cadbury Nigeria reports 84% decline in profit

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By Kayode Tokede

Cadbury Nigeria Plc in its unaudited interim financial statement for the year ended December 31, 2020 reported 84 per cent decline in profit.

The multinational company reported N172.67million profit in 2020 as against N1.07billion reported in audited 2019 results, while profit before tax also dropped by 84 per cent to N246.67million in 2020 as against N1.54billion reported in 2019.

Decline in profit can be attributable to decline in revenue.

Revenue dropped by 10 per cent to N35.41billion in 2020 against N39.33billion reported in audited financial statement for full year ended December 31, 2019.

The breakdown of revenue revealed that domestic sales dropped to N32.29billion in 2020 as against N34.44billion reported in 2019 while export sales also dropped to N3.1billion in 2020 from N4.88 billion reported in 2019.

The company is a subsidiary of Mondelez International Incorporated in the United States of America, Mondelez International, through Cadbury Schweppe Overseas Limited held 74.97 per cent of the issue and fully paid share capital of the Company as t December 31, 2020 (2019: 74.97 per cent). Amount due to Cadbury Schweppes Overseas Ltd at the end of the year was N632.6million for 2019 dividend (2019: Nil).