Cadbury Nigeria PLC’s net profit increased by 258% 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 that the good result was driven by an 11% growth in sales, prudent cost management initiatives which saw the cost of sales rise by a marginal 3.88% and a nearly 80% decline in net finance cost.
Also, Revenue rose to N19.5bn from N17.5bn in the previous year.
By segment, the company said it saw a 19% growth in its refreshment beverages which includes its flagship Bournvita and the 3-In-1 hot chocolate brands. The segment contributed 63% of total sales.
The confectionery business which includes Tom Tom, Buttermint, Clorets and Trident grew by 15% while contributing 26% of total sales, and the Intermediate Cocoa products segment which includes cocoa powder, cocoa butter, cocoa liquor and cocoa cake declined by 27% in sales and contributed 11% 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.