Cadbury Nigeria Plc has disclosed a notable revenue of N23.695 billion for the first quarter ended March 31, 2024 (Q1’24), marking a substantial 43 percent increase from the N16.563 billion recorded in the corresponding period in 2023. However, the company’s operating profit for Q1’24 stood at N2.760 billion, reflecting a 39 percent decline compared to the N4.553 billion declared in Q1’23.
Oyeyimika Adeboye, Managing Director of Cadbury Nigeria Plc, addressed the challenges faced by the fast-moving consumer goods (FMCG) sector, attributing them to forex losses and rising inflation.
Adeboye highlighted the significant impact of the high cost of living on consumer purchasing power, which has subsequently affected demand and capacity utilization in the industry. Despite these hurdles, Cadbury Nigeria remains steadfast in its commitment to operating in Nigeria. Adeboye affirmed the company’s determination to navigate through the challenges by continually evolving strategies to weather the storm.
“We are here for the long haul and will do all we can to meet the needs of our stakeholders,” Adeboye stated, emphasizing Cadbury Nigeria’s resilience and dedication to serving its stakeholders despite the operating challenges.
Source: Cardbury