Cadbury’s operational profit hits N80.40bn

Bisola David
Bisola David
Cadbury's $7m debt to stock conversion approved by shareholders

Cadbury Nigeria Plc increased its operational profit by 4,228 percent to N8.40 billion in 2023, from N195 million the previous year.

The unaudited financial statement that the board of directors of Cadbury authorized shows that the company’s gross profit increased by 130% in 2022 to N17.79 billion from N7.72 billion.

Between the period under review and N80.38 billion, revenue increased by 46%.

The managing director of Cadbury, Oyeyimika Adeboye, said in a statement on Wednesday that the company’s resilience and emphasis on cost and revenue control allowed it to maintain its present development trajectory in spite of the challenging business climate in the country.

Adeboye also claimed that the business operates in a demanding climate where survival necessitates a certain level of inventiveness and perseverance.

“Even with the significant economic challenges we encountered in the year under review, Cadbury Nigeria is dedicated to providing value for all of its stakeholders, and we will keep putting our customers at the centre of all we do.”

In the meantime, Cadbury Nigeria was rated the number one Top Employer in Nigeria by the Amsterdam-based Top Employers Institute, recently.

Speaking to the company employees, the Director of Human Resources for the company, Wole Odubayo, continued, “You are the driving force behind our success, and we are incredibly proud to have you as part of the Cadbury Nigeria family.”

Cadbury announced in January that it intended to turn a N7.036 billion loan from Cadbury Schweppes Overseas Limited, its parent company, into equity.

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