The revenue of Cadbury Nigeria Plc, a food, sweets, and drink company in Nigeria, improved in the first half of 2024, even as it reported a loss after tax.
According to the firm’s latest financial statement, its after-tax loss narrowed by 32.9 percent to N9.72 billion in H1 from N14.5 billion in the same period of 2023.
Its revenue increased by 44 percent to N51.4 billion from N35.6 billion during the period.
Further analysis reveals that revenue was driven by domestic sales which contributed the most at N45.74 billion (89 percent) while export sales contributed N5.7 billion(11 percent) to the total revenue in H1.
At the company’s 59th Annual General Meeting on June 5 2024, Bunmi Lawson was appointed as a non-executive director of the company during the year under review, Kofo Akinkugbe was re-elected as a director of the company and Ibukun Awosika was reelected as a director of the company.
Cadbury, in a statement released on July 8, said, “The board of Cadbury Nigeria (the Company) wishes to inform the Nigerian Exchange Limited, the investing public and other stakeholders, that further to the Corporate Announcement of February 5, 2024, on the retirement of Fola Akande as the company secretary of Cadbury Nigeria effective from June 17, 2024.
“Fola Akande is on a contract at Cadbury Nigeria Plc till the new Company Secretary resumes. This will be announced accordingly,” the statement said.
Read also: Four highlights from Cadbury Nigeria’s first quarter financials
Here are five key highlights from the company’s first-half financial results:
After-tax loss declined on income tax credit, revenue growth
BusinessDay analysis reveals that Cadbury Nigeria’s after-tax loss reduced in the first half of 2024 resulted from income tax credit and revenue growth during the period.
The firm’s after-tax loss stood at N9.72 billion from N14.5 billion during the period.
Cadbury Nigeria recorded an income tax credit of N4.16 billion in the first half of 2024. The firm’s revenue increased by 44 percent to N51.4 billion from N35.6 billion.
Domestic sales contributed the most to total revenue
Cadbury Nigeria’s revenue was driven by domestic sales which contributed the most of N45.74 billion (89 percent) while export sales contributed N5.7 billion (11 percent) to the total revenue in the first half of 2024.
Operating expenses grew to N4.64 billion
Cadbury Nigeria’s operating expenses grew to N4.64 billion in the first six months of 2024 from N4.16 billion in a similar period to 2023.
Administrative expenses surged to N1.25 billion from N803.9 million while selling and distribution expenses rose to N3.39 billion from N3.36 billion during the comparable
period.
Decline in net finance cost
Net finance cost declined to N18.6 billion in the first half of 2024 from N20.6 billion in the same period of 2023.
Cash flows rose stood at N14.1 billion
Cash and cash equivalents at the end of June stood at N14.1 billion, where cash flow from operating activities stood at a positive N8.96 billion and net cash generated from operating activities arrived at N4.34 billion.
Net cash used in investing activities stood at a negative N1.65 billion and net cash used in financing activities stood at a positive N2.48 billion during the period.
Cadbury Nigeria is a food, sweets and drink company headquartered in Lagos, Nigeria, and traded on the Nigerian Stock Exchange. Cadbury Nigeria Plc is a subsidiary of Mondelez International, one of the largest snacking companies in the world.
