Cadbury Nigeria Plc, a subsidiary of Mondelēz International, has reported gross earnings of N42.37billion for the full year ended December 31, 2021. The turnover translates to 19.67 per cent growth, when compared to N35.41billion realised in the same period in 2020. This is contained in the Company’s audited financial result released over the weekend.
In a statement, the Company said its pretax profit grew from N408.065million in 2020, to N1.097billion in 2021, representing an increase of 169.05 per cent. The Company added that it continues to maintain a strong balance sheet with total assets of N43.688billion, which represents an increase of 31.55 per cent when compared to N33.210billion recorded in December 2020.
Read: Cadbury borrows $15 million in intercompany loans
In the statement, Mrs. Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, attributed the Company’s strong performance in 2021 to the effectiveness of its strategy and capacity to generate sustainable revenue.
She said: “Despite the tough operating environment characterised by high cost of doing business, rising inflation, high cost of fund, difficulty in accessing forex, and policy inconsistency, which increased our manufacturing, selling and distribution expenses, we recorded an appreciable increase in our topline growth, which is our highest so far.”
However, Mrs. Adeboye said the Company’s export business was impacted by volatility in forex rate and the perennial port congestion in Apapa, Lagos State, noting that the Company has been shipping its products to and fro Ghana via sea freight, following the introduction of new transit charges on trucks by the Government of the Republic of Benin, in June 2021.
According to the statement, which was issued by Frederick Mordi, Corporate Communications and Government Affairs Manager for Cadbury Nigeria, the Company was recently recognised as a Top Employer in Africa by the Amsterdam-based Top Employers Institute.
Read: Cadbury: Time to go private and delist
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2020 net revenues of approximately $27 billion, MDLZ is leading the future of snacking with iconic global and local brands such as OREO, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index. Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.com/MDLZ.
About Cadbury Nigeria
Cadbury Nigeria Plc (CNP), a publicly quoted company, is the pioneer cocoa beverage manufacturer offering some of the most loved brands in the country. Cadbury Nigeria is a 74.99%-owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivalled portfolio of brands. The remaining 25.01% of shares are held by a diverse group of indigenous, individual and institutional investors. A front-runner in beverages, confectionery and gum, Cadbury Nigeria’s quality products– Bournvita, Hot Chocolate 3 in 1, TomTom, Buttermint, and Clorets–are market leaders in their respective consumer segments. For more information, visit www.cadburynigeria.com or www.mondelezinternational.com/About/Nigeria
