Cadbury Nigeria Plc’s unaudited financial statements for the period ended September 30th, 2022, showed that profit grew by 86% to N2.8 billion from N1.5 billion in Q3 2021.
The impressive financial performance came on the back of an inflationary year, where businesses and consumers have struggled with a high inflation rate.
The company reported a profit before tax of N4.023 billion in 2022 as against N2.161 billion posted in 2021, representing an increase of 86%.
The unaudited results also showed that revenue increased by 41.57% to N42.540 billion, compared to N30.047 billion during the same period last year.
A closer look at the results showed that the revenue growth was driven by a significant rise in revenue from its two major product lines. Both segments delivered revenue of N41.541 billion in the nine months compared to N28.859 billion in the same period last year.
Further checks showed that both segments contributed 97.65% of the total revenue of N42.540 billion recorded by the company during the quarter under review.
The company’s cost of sales grew by 39.89% from N24.22 billion in 2021 to N34.164 billion in 2022.
Other key financial highlights
- Gross profit stood at N8.375 billion in Q3 2022 from N5.624 billion recorded in 2021, representing a 49% increase
- Results from operating activities were N3.311 billion from N1.828 billion in 2021, accounting for a growth of 81%
- Selling and distribution expenses rose by 19.78% from N3.381 billion in 2021 to N4.050 billion in 2022