Cadbury pretax profit grows YoY
By Jeph Ajobaju, Chief Copy Editor
Cadbury – makers of Bournvita, TomTom, Buttermint, and other beverages and confectionery – grew pretax profit 169.05 per cent from N408.065 million in full year 2020 (FY 2020) to N1.097 billion in FY 2021, on N42.37 billion gross earnings.
Cadbury Nigeria, a subsidiary of Mondelēz International, Inc (MDLZ), had a 19.67 per cent turnover leap to N35.41 billion, according to its audited financial result
Cadbury Nigeria Managing Director Oyeyimika Adeboye credited the strong performance in 2021 to the effectiveness of the company’s strategy and capacity to generate sustainable revenue.
She said Cadbury continues to maintain a strong balance sheet with total assets of N43.688 billion, a 31.55 per cent rise above N33.210 billion in 2020.
“Despite the tough operating environment characterised by high cost of doing business, rising inflation, high cost of fund, difficulty in accessing forex, and policy inconsistency, which increased our manufacturing, selling and distribution expenses, we recorded an appreciable increase in our topline growth, which is our highest so far,” she explained in a statement.
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Export challenges
Adeboye said export was impacted by volatility in forex rate and the perennial port congestion in Apapa, as the company has been shipping its products to and fro Ghana via sea freight since Benin Republic introduced new transit charges on trucks in June 2021.
The statement, issued by Cadbury Nigeria Corporate Communications and Government Affairs Manager, Frederick Mordi, disclosed that the company was recently recognised as a Top Employer in Africa by the Top Employers Institute based in Amsterdam, per reporting by Nairametrics.
About Mondelēz International
MDLZ empowers people to snack right in over 150 countries around the world. With 2020 net revenues of about $27 billion, it is leading the future of snacking with global and local brands such as
- OREO, belVita, and LU biscuits
- Cadbury Dairy Milk
- Milka and Toblerone chocolate
- Sour Patch Kids candy
- Trident gum
MDLZ is a member of Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.
About Cadbury Nigeria
Cadbury Nigeria is a publicly quoted company and pioneer cocoa beverage manufacturer offering some of the most loved brands in the country.
It is a 74.99 per cent owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivalled portfolio of brands.
The remaining 25.01 per cent of shares are held by a diverse group of indigenous, individual and institutional investors.
Cadbury Nigeria is a front-runner in beverages, confectionery and gum, with its quality products – Bournvita, Hot Chocolate 3 in 1, TomTom, Buttermint, and Clorets – market leaders in their respective consumer segments.