Consumer goods manufacturing firm, Cadbury Nigeria Plc, has reported a 721 per cent loss, amounting to N14.5bn in the first half of 2023, compared to the same period in 2022.
This was revealed in the Un-audited Interim Financial Information for the half year ended June 30, 2023 of the manufacturer, as filed on the Nigerian Exchange Limited on Wednesday.
Cadbury reported N 2.341bn as profit in the first half of 2022.
Its revenue for the first half of 2023, however, increased by 28 per cent to N35.607bn from N27.876bn for the same period in 2022. Impacting the revenue was the cost of sales which rose from N22bn as of June 2022 to N 25.378bn in June 2023.
Cadbury earned N34.89bn across its four product lines in Nigeria and N714.5m from other countries (mainly in Africa and Europe) during the period under review.
Interest income on bank deposits stood at N1.144bn, a higher figure compared to N375.6m at the end of June 2022.
In the first quarter of 2023, Cadbury Nigeria Plc posted N16.56bn as revenue, a 30 per cent increase over N12.78bn for the same period in 2022 and its profit after tax stood at N3.45bn, 124 per cent up from N1.54bn in the same quarter in 2022.
In its 2022 financial reports, Cadbury revealed that its 2022 revenue grew by 30 per cent from N42.37bn in 2021 to N55.21bn in 2022.
The company said this was achieved despite rising inflation and the continued depreciation of the naira.
The company’s brands fall into four principal categories, namely refreshment beverages, confectionery, biscuits and intermediate cocoa products.
Cadbury Nigeria Plc is owned 74.97 per cent by Cadbury Schweppes Overseas Limited, incorporated in the United Kingdom, while CSOL is owned by Mondelez International and 25.03 per cent of its stocks are held by individual and institutional shareholders.
As of Wednesday, Cadbury shares traded at N15.3 per unit on the local bourse.