Cadbury Nigeria has said that the company faced huge challenges in sourcing US dollars for the importation of key raw and packaging materials as well as machinery and spare parts.
This was stated by the Managing Director, Mrs. Oyeyimika Adeboye in a statement which was issued by Frederick Mordi, Corporate Communications and Government Affairs Manager for Cadbury Nigeria.
This is just as the company said its ongoing repositioning strategy aimed at enhancing its competitiveness, is yielding results.
What the company is saying
Adeboye said, “Our cost of doing business has increased significantly as our suppliers also faced similar issues in accessing foreign exchange,” she said. “With rising inflation and higher cost of doing business, we have had to make price adjustments on a number of our products during 2021. This is more than we have ever had to do in many years, and a reflection of the difficult times we currently face.”
However, despite the supply challenges, Adeboye said the Company witnessed a strong performance across all categories and brands.
She added, “We place a high value on our iconic brands, recognising that our consumers trust us to offer them quality and healthy snacking options. We also understand that our customers who are our business partners, expect us to support them as we operate in the markets to deliver our products to our consumers. Our much-loved brands are the hard currency we trade with, and we continue to invest in them to sustain our growth.”
Mr. Adedotun Sulaiman, Chairman, Cadbury Nigeria, at the Company’s 57th Annual General Meeting (AGM), which took place in Lagos said: “We have expanded our route-to-market capabilities, entered new segments in the candy category, and deployed new technology that will improve our business operations, as part of this strategy.”
What you should know
- Cadbury Nigeria Plc, a subsidiary of Mondelēz International, has reported profit of N1,542billion for the first quarter of the year ended March 31, 2022. This represents a growth of over 500%, when compared to N242 million realised in the same period in 2021.
- The Company announced this in its unaudited financial result released over the weekend. In a statement, the Company said its turnover rose over 40% to N12,789 billion, within the period under review.