Cadbury increases profit by 258% to N68.2m in H1 2019

Godwin Anyebe

Cadbury Nigeria PLC’s net profit increased by 258 per cent to N68.2m in the first six months of 2019, expunging a net decline of N318 million it’s acquired at the same time in 2018.

The management of Cadbury Nigeria plc disclosed recently in Lagos that, the improvement was driven by an 11 per cent growth in sales, prudent cost management initiatives which saw the cost of sales rise by a marginal 3.88 per cent and a nearly 80 per cent decline in net finance cost.

Also, its revenue rose to N19.5billion from N17.5billion in the previous year.

By segment, the company said it saw a 19 per cent growth in its refreshment beverages which includes its flagship Bournvita and the 3-In-1 hot chocolate brands. The segment contributed 63 per cent of total sales.

The confectionery business, which includes Tom Tom, Buttermint, Clorets and Trident grew by 15 per cent while contributing 26 per cent of total sales, and the Intermediate Cocoa products segment which includes cocoa powder, cocoa butter, cocoa liquor and cocoa cake declined by 27 per cent in sales and contributed 11 per cent of total sales.

Cadbury Nigeria announced in December the relaunch of its flagship Bournvita brand with a new improved taste.

Cadbury Nigeria is a subsidiary of US-based Mondelez International, a global manufacturer of beverage and confectionery products.