Cadbury Nigeria Profit Falls by 76% to N22m in Q1 2018

By Dipo Olowookere

One of the Fast Moving Consumer Goods (FMCG) companies operating in the country, Cadbury Nigeria Plc, has recorded a significant drop in its profit for the first three months of 2018.

The firm, which released its financial statements on Thursday, posted a 76.3 percent decline in its profit after tax, which closed at N22 million as at March 31, 2018 in contrast to N93 million as at March 31, 2017.

Also, the profit before tax went down by 67.2 percent to N31.5 million in Q1 2018 against N95.8 million in Q1 2017.

However, the revenue appreciated during the period under review, raking N8.2 billion versus N8.1 billion.

This revenue was boosted by increase in the export sales of N1.2 billion achieved in the first quarter of this year against N403.6 million in the corresponding period of last year, while the domestic sales dropped in Q1 2018 to N7 billion from N7.7 billion in Q1 2017.

Also, the gross profit closed at N1.80 billion in March 31, 2018 in contrast to N1.76 billion in March 31, 2017.

The finance income stood at N26.1 million as at March 31, 2018 versus N37.3 million as at March 31, 2017, while the net finance cost finished negative N181.2 million in Q1 2018 against negative N28.4 million.