Cadbury Nigeria PLC has reported a pre-tax profit of N2 billion for the fourth quarter of 2024.
In its recently released financial statement on the Nigerian Exchange (NGX) on January 27, 2025, this marks a recovery of 111.73% from the pre-tax loss of N17.3 billion reported in 2023, effectively reducing the full-year pre-tax loss from N28.1 billion in FY 2023 to N14.8 billion for FY 2024.
In terms of revenue, the fourth quarter witnessed a significant surge of 87.28% year-on-year, reaching N39.6 billion, compared to N21.1 billion in the same quarter of the previous year.
As a result, total revenue for fiscal year 2024 reached N129.1 billion, marking a 60.73% increase from N80.3 billion in FY 2023, with domestic sales comprising a significant portion of this total.
Key Highlights (2024 vs 2023 FY)
- Revenue: N129.1 billion, +60.73% YoY
- Cost of Sales: N111.6 billion, +77.18% YoY
- Gross Profit: N17.4 billion, +0.90% YoY
- Other Income: N1.5 billion, -2,226.56% YoY
- Selling and Distribution Expenses: N6.2 billion, -15.21% YoY
- Operating Income: N6.4 billion, -18.64% YoY
- Net Finance Cost: N21.3 billion, -40.88% YoY
- Pre-tax Loss: N14.8 billion, -47.10% YoY
- Total Assets: N64.5 billion, +1.82% YoY
The company reported a revenue of N129.1 billion in FY 2024, a notable increase of 60.73% from N80.3 billion in FY 2023, with domestic sales contributing 88.5% of this figure.
However, the cost of sales spiked by 77.18% to N111.6 billion, adversely impacting gross profit, which only saw a slight increase of 0.90% to N17.4 billion.
Other income took a sharp downturn, falling from N72.5 million in FY 2023 to a loss of N1.5 billion in FY 2024.
This decline was largely driven by a N757 million impairment provision for idle assets, coupled with additional expenses totalling N629.7 million.
On a positive note, selling and distribution expenses saw a commendable decrease of 15.21%, dropping from N7.3 billion to N6.2 billion.
However, operating income did experience an 18.64% decline, slipping to N6.4 billion from N7.8 billion in FY 2023.
In financial terms, the company excelled by significantly reducing net finance costs by 40.88%, bringing them down to N21.3 billion from N36 billion.
Notably, exchange differences constituted 68.5% of these costs, while interest expenses on borrowings accounted for 28.2%.
Cadbury also achieved a strong turnaround in its full-year pre-tax loss, which decreased by 47.10% from N28.1 billion to N14.8 billion.
The fourth quarter saw a pre-tax profit of N2 billion, a recovery from the N17.3 billion loss in Q4 2023.
The company posted total assets of N64.5 billion as of December 31, 2024, marking a 1.82% increase from N63.4 billion in 2023.
Non-current assets saw growth, rising from N23.1 billion to N25.6 billion, with property, plant, and equipment representing N16.7 billion of that total.
In contrast, current assets experienced a decline of 3.33%, decreasing from N40.2 billion in the previous year to N38.9 billion for FY 2024.
