Leading consumer goods manufacturing company, Cadbury Nigeria Plc has released its audited financial results for the period ended December 31, 2022.
The report shows an improvement in the company’s financial performance for the period as profit for the year jumped to N946 million from N449 million in the previous year , reflecting an increase of 110 per cent.
The profit growth in Profit After Tax for the period was due to an improvement in revenue despite the inflation during the period.
From the released statement under the platform of Nigerian Exchange Limited (NGX) revealed Pre-tax profit which appreciated by 23 per cent to N1.351 billion from N1.097 million achieved in full year 2021.
From the profits and loss figures the group revenue moved from N42.372 million in full year 2021 to N55.213 million achieved in full year 2022, representing an increase of 30 per cent.
However, revenue from domestic sales raked in the highest at N53,045 billion while revenue from export sales raked in at N2 billion, to sum up to N52.213 billion.
Gross Profit recorded for the period rose significantly by 20 per cent to N7.765 billion as of end of December 2022 from N6.477 billion recorded in the prior period.
The group Operating profit declined by 50 per cent to N247 million in 12 months of 2022 from N491 million recorded in the corresponding period.
Net Finance Income gained by a remarkable 82.18 per cent to N1.104 million from N606 million recorded as of end of December 2022.
Earnings Per Share recorded for the period under review gained 110 per cent to N50.37 in 12 months of 2022 from N23.94 in 12 months of 2021.