Cadbury Nigeria Plc posted a 62% decline in profit after taxation for the first quarter ended 31 March 2021 despite a 4% rise in revenue.
According to the Un-audited Interim Financial Information for the Period Ended 31 March 2021 released by the company, the revenue rose by 4% to N8.92 billion in Q1 2021 from N8.55 billion in Q1 2020.
However, the cost of sales rose to N7.43 billion from N6.3 billion. The rise in the cost of sales is higher compared to the rise in revenue. Thus, the gross profit declined to N1.49 billion from N2.29 billion in Q1 2020.
Notably, Cadbury Nigeria Plc’s selling and distribution expenses fell to N892.77 million in Q1 2021 from N1.14 billion in Q1 2020 while the administrative expenses decreased to N274.41 million from N339.67 million in Q1 2020.
The profit after taxation dropped by 62% to N241.58 million in Q1 2021 from NN638.94 million in Q1 2020.
Read also: Q1 2021: Ecobank Group Profit after tax rises by 22%
The total assets rose N37 billion from N33.2 billion as at 31 December 2020. Property, plant and equipment (N12.62 billion) and Cash and cash equivalents (N14.32 billion) represents 73.8% of the total assets.
Total liabilities amounted to N23.21 billion up from N19.66 billion as at 31 December 2020.
- Trade and other payables: N12.59 billion (2019: N10.91 billion).
- Borrowings: N4.98 billion (2019: 3.45 billion).
Total equity slightly rose to N13.79 billion from N13.55 billion.
The share price of Cadbury Nigeria Plc closed at N7.75 per share on Tuesday. YTD the the price is down 13.89%.
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 three principal categories, namely: refreshment beverages, confectionary and intermediate cocoa products. Cadbury Bournvita and Cadbury 3-in-1 hot chocolate are the refreshment beverages, Tom Tom, Buttermint and Clorets gum are the Confectionery products while Cocoa Butter is a key product in the intermediate cocoa category.
Cadbury Nigeria Plc is owned 74.97% (2020: 74.97%) by Cadbury Schweppes Overseas Limited (“CSOL”), incorporated in the United Kingdom while CSOL is owned by Mondelez International and 25.03% (2020: 25.03%) by a highly diversified spread of Nigerian individual and institutional shareholders.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
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