CADBURY | Cadbury Nigeria FY 2023 Quick Take : Net profit depressed by high Finance Expense
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.