Business
Cadbury Grows Profit by 30% in 2019
- Cadbury Grows Profit by 30% in 2019
Cadbury Nigeria Plc grew revenue by 9 percent from N35.973 billion recorded in 2018 to N39.326 billion in the financial year ended December 31, 2019.
In the financial statement released through the Nigerian Stock Exchange on Monday, Cadbury’s cost of sales rose from N28.017 billion in 2018 to N31.000 billion in 2019, dragging the company’s gross profit to N8.325 billion, slightly above N7.956 billion achieved in 2018.
Similarly, administrative expenses rose from N1.560 billion in the previous year to N1.819 billion in 2019 while expenses incurred on selling and distribution grew from N4.706 billion to N5.208 billion in 2019.
Also, the company was able to reduce expenses on operating activities by 20 percent from N1.698 billion to N1.353 billion in 2019.
Profit before tax, however, rose by 26 percent to N1.538 billion, up from N1.222 filed in 2018.
Profit after tax surged by 30 percent from N823.085 million posted in 2018 to N1.07 billion in 2019.