Cadbury Nigeria Records N19.09 Billion Loss in 2023

Cadbury Nigeria Plc reported a significant loss of 3,374% for the year ended Dec. 31, 2023, with a recorded loss of N19.09 billion compared to N583.1 million in 2022.

Mrs. Fola Akande, the Company Secretary of Cadbury Nigeria, disclosed this information in the company’s annual report and financial statement submitted to the Nigerian Exchange Ltd (NGX) in Lagos on Tuesday.

Akande mentioned that the company’s Profit After Tax (PAT) for the reviewed year declined by 2,269% to N28.157 billion from N1.298 billion in 2022.

However, Cadbury Nigeria’s gross profit for the 2023 financial year was N17.337 billion, showing an increase of 124% compared to N7.723 billion in 2022.

The company reported a 46% rise in revenue for the year, reaching N80.379 billion compared to N55.213 billion in the previous year.

In terms of operating activities, there was a significant increase of 3,957%, from N194.06 million in 2022 to N7.872 billion as of Dec. 31, 2023.

Akande mentioned that the company’s share capital remained unchanged at N939,101 for the year under review, the same as in 2022.

The total equity traded by the company in 2023 decreased by 149% to 6,513,678 compared to 13,302,629 in 2022.

The market capitalisation of Cadbury Nigeria also saw a 60% increase during the reviewed year, rising from N22.351 billion as of Dec. 31, 2022, to N35,685,837 as of Dec. 31, 2023.

Regarding the company’s stock on the Nigerian Exchange, as of Dec. 31, 2023, it increased by 60k to close at N19, compared to N11.90 per share in the previous year.

Cadbury Nigeria Plc is known for manufacturing and marketing various products such as chocolate malt drink mixes, sweets, powder beverages, and chewing gums in Nigeria.