For the first quarter that concluded on March 31, 2024, Cadbury Nigeria Plc reported sales of N23.695 billion (Q1’24).
Comparing this to the N16.563 billion reported during the same period in 2023, there has been a 43 percent growth.
Additionally, the business reported an operational profit for the first quarter of 2024 of N2.760 billion, a decrease of 39% from the N4.553 billion it reported for the same time in 2023.
Oyeyimika Adeboye, Managing Director of Cadbury Nigeria Plc, addressed the difficult business climate that all FMCG companies are currently suffering in a statement. The statement focused on the rising rate of inflation and forex losses.
She pointed out that the high cost of living has had a substantial impact on consumer spending power and continues to have an influence on capacity utilization and demand as enterprises struggle to stay in business. Adeboye stated that the corporation is still dedicated to conducting business in Nigeria in spite of these obstacles.
We’ll keep developing plans for surviving the storm. We’re in this for the long run, and we’ll do everything in our power to satisfy our stakeholders’ interests, she declared.