FMCG company, Cadbury Nigeria Plc recorded a pre-tax profit of N4.30 billion in Q3 2023, a 533.4% surge year-on-year from the N678.4 million recorded in Q3 2022.
According to the company’s financial statements for the period ending September 30, 2023, the revenue for Q3 2023 was N23.59 billion, marking a significant 60.9% increase compared to the same period in 2022.
During the 9-month period ending September 30, 2023, the company recorded a revenue of N59.2 billion, a 39% increase year-on-year from the N42.5 billion recorded during the corresponding period in 2022. However, the company recorded pre-tax losses of N10.24 billion during the nine-month period, a 355% decline from the figure recorded in the corresponding quarter in 2023.
Key Highlights Q3 2023 vs Q3 2022
- Revenue: N23.59 billion, +60.9% YoY
- Cost of sales: N17.52 billion, +44.3% YoY
- Selling and distribution expenses: N1.83 billion, +14% YoY
- Other income: N59.56 billion, +9.6% YoY
- Gross Profit: N6.08 billion, +141% YoY
- Operating profit: N3.58 billion, +672.1% YoY
- Profit before tax: N4.30 billion, +533.4% YoY
- Profit after tax: N4.30 billion, +804.8% YoY
- Basic earnings per share: N2.29, +805% YoY
- Total assets: N76.45 billion, +28.02% YTD
Insights
With an operating profit of N3.58 billion, the company recorded an operating margin of 58.9% in Q3 2023, an increase of 4048 basis points from the 18.4% recorded in the corresponding quarter in 2022.
The company’s pre-tax profit in Q3 2023 contributed to paring the huge pre-tax losses the company accumulated in the second quarter of the year.
