Key Highlights
- Revenue grew by 9.4% to N39.3bn from N35.9bn in the previous quarter.
- Profit before tax grew by 26.4% to N1.5bn.
- Profit after tax grew by 53.9% to N1.3bn.
- Net Assets also grew by 8.4% to N13.7bn from N12.7bn.
Cadbury Nigeria Plc reported higher sales and profit for the full year ended December 31, 2019, which translates to 54 percent growth, when compared to N823.085 million realized in the same period of last year.
The beverage giant said that sales grew by 16% in the Q4 to $10.4bn and by 9.3% in full-year to $39.3bn.
Gross Profit grew by 3% in the twelve months to $8.2bn, driven by an 11% increase in the cost of sales. Costs jumped by 27% in Q4 resulting in an 11% decline in gross profit for the quarter.
Operating profit declined by 20% in full-year, driven by an 11% increase in selling & distribution expenses and by 9.42% administration expense.
Total profits for the full year grew by 54% to $1.3bn from $823m in 2018.
By segment, the company recorded an 8% sales growth in its refreshment beverages which includes its flagship Bournvita and the 3-In-1 hot chocolate brands. The segment contributed 59% of total sales or N23.1bn.
The confectionery business which includes Tom Tom, Buttermint, Clorets, and Trident grew by 20% or N11.4bn while contributing 29% of total sales, and the Intermediate Cocoa products segment which includes cocoa powder, cocoa butter, cocoa liquor, and cocoa cake declined by 7% or N4.7bn in sales and contributed 12% of total sales.
