Cadbury Nigeria Plc’s profit after tax more than doubled in Q1 2023 compared to Q1 2022 amid 30% rise in revenue, according to the Un-audited Interim Financial Information for the year ended 31 March 2023 released by the company.
- Revenue grew by 30% to N16.56 billion in Q1 2023 from N12.79 billion reported in Q1 2022.
- Gross profit increased by 97% to N6.36 billion from N3.23 billion in Q1 2022.
- The company’s operating profit increased 137% to N4.55 billion in Q1 2023 from N1.92 billion in Q1 2022.
- Profit before tax rose 124% to N4.93 billion from N2.20 billion in Q1 2022.
- Income tax expense of N405.47 million was reported, lower than N648.21 million posted in Q1 2022.
- The profit after tax also soared 124% to N3.45 billion from N1.54 billion in Q1 2022.
- The basic earnings per share increased to N1.84 kobo from N0.82 in Q1 2022.
Total assets increased to N69.18 billion as at March 31, 2023 from N59.71 billion in as at December 31, 2022.
Major components of the assets:
- Cash and cash equivalents rose to N34.26 billion from N17.45 billion 2022
- Property, plant and equipment stood at N13.96 billion, down from N14.07 billion in 2022.
- Inventories increased to N13.22 billion from N11.91 billion in 2022.
Similarly, total liabilities increased to N52.42 billion from N46.41 billion in 2022.
Major components of liabilities:
- Trade and other payables increased to N20.87 billion from N20.48 billion in 2022.
- Current borrowings increased to N20.17 billion from N16.22 billion in 2022.
- Non-current borrowings increased marginally to N7.81 billion from N7.64 billion in 2022.
The company’s total equity stood at N16.76 billion, with major component being retained earnings at N11.93 billion.
- Net cash of N2.41 billion was generated from operating activities against N1.21 billion generated in Q1 2022.
- Net cash of N311.28 million was generated from investing activities, against N418.86 million used in Q1 2022.
- Net cash of N3.92 billion was generated from financing activities mainly due additional “Import finance facilities” of N4.37 billion within the period.
At the close of business on Wednesday, the share price of Cadbury Nigeria Plc rose 9.8% to close at N11.2 per share on the Nigerian Exchange.
About Cadbury Nigeria Plc
Cadbury Nigeria Plc is a company domiciled in Nigeria. The address of the Company’s registered office is Lateef Jakande Road, Ikeja, Lagos. The Company is principally engaged in the manufacture and sale of branded fast moving consumer goods mostly to the Nigerian market, but also for exports.
The Company’s brands fall into four principal categories, namely refreshment beverages, confectionery, biscuit and intermediate cocoa products. Cadbury Bournvita and 3-in-1 Hot Chocolate are the refreshment beverages, Tom Tom, Candy Caramel, Candy Coffee, Buttermint and Clorets gum are the confectionery products, Bournvita Biscuit is the biscuit category while Cocoa Butter is a key product in the intermediate cocoa category.
Cadbury Nigeria Plc is owned 74.97% (Q1 2022: 74.97%) by Cadbury Schweppes Overseas Limited (“CSOL”), incorporated in the United Kingdom while CSOL is owned by Mondelez International and 25.03% (Q1 2022: 25.03%) by a highly diversified spread of individual and institutional shareholders
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.