Cadbury Nigeria Reports N2 Billion Q4 Profit

Cadbury Nigeria PLC has reported a pre-tax profit of N2 billion for the fourth quarter of 2024, as per its financial statement released on the Nigerian Exchange (NGX) on January 27, 2025.

This represents a significant recovery of 111.73% from the pre-tax loss of N17.3 billion reported in 2023, reducing the full-year pre-tax loss from N28.1 billion in FY 2023 to N14.8 billion for FY 2024.

Revenue for the fourth quarter surged by 87.28% year-on-year, reaching N39.6 billion, compared to N21.1 billion in the same quarter of the previous year.

Consequently, total revenue for fiscal year 2024 amounted to N129.1 billion, marking a 60.73% increase from N80.3 billion in FY 2023, with domestic sales making up a significant portion of this total.

The company reported a revenue of N129.1 billion in FY 2024, a notable increase of 60.73% from N80.3 billion in FY 2023, with domestic sales contributing 88.5% of this figure.

However, the cost of sales rose by 77.18% to N111.6 billion, which impacted gross profit, resulting in a slight increase of 0.90% to N17.4 billion. Other income saw a sharp decline, falling from N72.5 million in FY 2023 to a loss of N1.5 billion in FY 2024.

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This decline was largely due to a N757 million impairment provision for idle assets, along with additional expenses totaling N629.7 million. On a positive note, selling and distribution expenses decreased by 15.21%, dropping from N7.3 billion to N6.2 billion.

However, operating income experienced an 18.64% decline, falling to N6.4 billion from N7.8 billion in FY 2023.

Financially, the company excelled by significantly reducing net finance costs by 40.88%, bringing them down to N21.3 billion from N36 billion.

Notably, exchange differences constituted 68.5% of these costs, while interest expenses on borrowings accounted for 28.2%. Cadbury also achieved a strong turnaround in its full-year pre-tax loss, which decreased by 47.10% from N28.1 billion to N14.8 billion.

The fourth quarter saw a pre-tax profit of N2 billion, a recovery from the N17.3 billion loss in Q4 2023.

The company posted total assets of N64.5 billion as of December 31, 2024, marking a 1.82% increase from N63.4 billion in 2023.

Non-current assets grew from N23.1 billion to N25.6 billion, with property, plant, and equipment representing N16.7 billion of that total. In contrast, current assets declined by 3.33%, decreasing from N40.2 billion in the previous year to N38.9 billion for FY 2024.