Q1’24 Success: Cadbury Nigeria Achieves 43% Revenue Growth
Cadbury Nigeria Plc has reported robust revenue figures for the first quarter ended March 31, 2024, amounting to N23.695 billion. This marks a substantial 43 percent increase compared to the N16.563 billion generated in the corresponding period in 2023. Despite this notable revenue growth, the company also disclosed an operating profit of N2.760 billion for the first quarter of 2024. However, this figure reflects a 39 percent decrease from the N4.553 billion recorded in the same period last year.
In response to these financial results, Oyeyimika Adeboye, Managing Director of Cadbury Nigeria Plc, addressed companies’ challenging operating environment in the Fast-Moving Consumer Goods (FMCG) sector. Adeboye highlighted the significant impact of forex losses and escalating inflation rates on business operations. She emphasized that the elevated cost of living has notably affected consumer purchasing power, resulting in reduced demand and capacity utilization for businesses striving to navigate these adverse conditions.
Despite these formidable challenges, Adeboye reiterated Cadbury Nigeria’s unwavering commitment to operating in Nigeria. She affirmed the company’s determination to adapt and strategize in response to the prevailing economic headwinds. Adeboye emphasized Cadbury Nigeria’s long-term outlook and pledged to continue prioritizing the needs of its stakeholders amidst the evolving business landscape.
While Cadbury Nigeria Plc has demonstrated impressive revenue growth, the decline in operating profit underscores the complexities and uncertainties inherent in the current economic climate. Adeboye’s reassurance of the company’s resilience and adaptability reflects a proactive approach to mitigating challenges and sustaining long-term business viability in Nigeria’s dynamic market.
