In its FY 2023 unaudited earnings, Cadbury Nigeria Plc. (Cadbury) reported a 45.6% y/y growth in Revenue to N80.38bn from N55.21bn in FY 2022. Its cost of sales (ex-depreciation) grew slower than Revenue, up 30.2% y/y to N60.46bn for FY 2023 from N46.45bn in 2022. Consequently, FY 2023 Gross Profit increased to N19.92bn, up from N8.76bn in 2022. Gross profit margin advanced 8.9ppts to 24.8% from 15.9% in 2022.
The company’s Operating Expense (without depreciation) was up 18.82% y/y to N8.51bn from N7.16bn in FY 2022. While Selling and Distribution Expense (without depreciation) advanced by 12.9% y/y to N6.99bn in FY 2022 from N6.19bn in the prior year, Administrative Expense (without depreciation) was up 56.6% y/y to N1.52bn in 2023 from N971m in 2022. However, the company recorded no writebacks in 2023 compared to a N4.21m writeback of impairment on receivables reported for FY 2022.
