Cadbury Nigeria Plc has reported a loss after tax of N10.4bn for the year ending December 31, 2024, representing a 45 per cent reduction compared to the N19.1bn loss recorded in 2023. The improvement was driven by a 47 per cent reduction in loss before tax, which declined to N14.9bn from N28.2bn in the prior year.
In the company’s un-audited financial statement filed on the Nigerian Exchange on Monday, despite the reduction in losses, revenue for the period surged by 61 per cent to N129.2bn, up from N80.4bn in 2023, supported by performance in the refreshment beverages segment, which accounted for N77.5bn of the total revenue.
However, gross profit grew marginally by 1 per cent to N17.5bn from N17.3bn, constrained by higher costs.
Results from operating activities fell by 19 per cent to N6.4bn from N7.9bn, reflecting administrative and distribution costs.
Meanwhile, Cadbury’s total equity improved, swinging from a negative N6.5bn in 2023 to a positive N1.4bn in 2024, buoyed by a 21 per cent rise in share capital to N1.1bn and a significant increase in share premium and other reserves.
The company recorded a 55 per cent improvement in basic loss per share, which stood at 457 kobo, compared to 1,016 kobo in 2023. Net assets per share also improved but remained at a low of 63 kobo, compared to a negative 347 kobo the previous year, marking a 118 per cent change.
Cadbury’s non-current assets rose by 11 per cent to N25.6bn, driven by investments in property, plant, and equipment, while current assets declined marginally by 3 per cent to N39bn, primarily due to a drop in cash and cash equivalents from N20.5bn to N16.3bn.
On the liabilities side, current liabilities decreased by 10 per cent to N62.4bn from N69.19bn, largely due to a reduction in borrowings. Non-current liabilities also dropped by 6 per cent to N707.2m, reflecting a slight decrease in employee benefits and lease obligations.
The company attributed its performance to foreign exchange adjustments on intercompany loans and a reduction in finance costs, which fell during the year.
However, ongoing challenges such as rising costs, FX volatility, and operational inefficiencies continue to weigh on profitability.
