CADBURY | Cadbury Nigeria FY 2023 Quick Take : Strong Revenue growth overshadowed by significant FX losses

    In its 2023 audited earnings result, Cadbury Nigeria Plc. (Cadbury) reported a 45.6% y/y growth in Revenue to N80.4bn from N55.2bn in 2022. Its cost of sales (adjusted for depreciation) grew slower than Revenue, up 33.2% y/y to N61.0bn from N46.5bn bringing its Gross Profit to N18.5bn in 2023 from N8.8bn in 2022. Consequently, its Gross Profit margin increased 7.1ppts to 23.0% from 15.9%. On a q/q basis, the company’s Revenue was down 10.2% to N21.2bn in Q4 2023 from N23.6bn in Q3 2023.

    The company’s Operating Expense (adjusted for depreciation) increased by 25.7% y/y to N9.0bn from N7.2bn in 2022. The Selling and Distribution Expense (adjusted for depreciation) also grew by 15.7% y/y to N7.2bn in 2023 from N6.2bn in the prior year. On the same note, the Administrative Expenses (adjusted for depreciation) increased 89.4% y/y to N1.8bn in 2023 from N971m in 2022. However, the company reported writebacks for receivables of N3.5m in 2023 from N4.2m in 2022.


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