Notwithstanding the challenges from its export business, Cadbury Nigeria Plc, a subsidiary of Mondelez International, has reported gross earnings of N42.37billion for the full year ended December 31, 2021.
The turnover translates to 19.67 per cent growth when compared to N35.41 billion realised in the same period in 2020.
This is contained in the company’s audited financial result released at the weekend.
In a statement, the company said its pre-tax profit grew from N408.065 million in 2020 to N1.097billion in 2021, representing an increase of 169.05 per cent.
The company added that it continues to maintain a strong balance sheet with total assets of N43.69 billion, which represents an increase of 31.55 per cent when compared to N33.21 billion recorded in 2020.
Managing Director, Cadbury Nigeria, Oyeyimika Adeboye, attributed the company’s strong performance in 2021 to the effectiveness of its strategy and capacity to generate sustainable revenue.
She said: “Despite the tough operating environment characterised by the high cost of doing business, rising inflation, high cost of funds, difficulty in accessing foreign exchange (forex) and policy inconsistency, we recorded an appreciable increase in our topline growth, which is our highest so far.”
Adeboye said the company’s export business was impacted by volatility in forex rate and the perennial Lagos port congestion, noting that the company has been shipping its products to and from Ghana via sea freight, following the introduction of new transit charges on trucks by the Government of the Republic of Benin, in June 2021.