COVID-19 Batters Cadbury Nigeria, Plunges Profit to N868.079 Million

Cadbury Nigeria struggles with COVID-19 disruption in 2020, according to the audited financial statements released on Tuesday.

The company’s revenue stood at N35.407 billion in the period ended December 31, 2020, down from N39.327 billion posted in 2019.

Similarly, gross profit declined from N8.326 billion in 2019 to N5.899 billion in 2020.

Finance income contracted to N127.442 million in 2020 from N185.269 million in 2019. While net finance income stood at N126.241 million in the year under review, down from N184.133 million.

Profit before tax plunged by over 200 percent to N408.065 million, down from N1.539 billion in 2019.

Cadbury received income tax credit of N523.762 million in 2020, against N468.032 million paid in 2019. Meaning the company would have recorded a negative profit after tax if it had paid appropriate tax.

However, because it received N523.762 million in tax credit, it was able to post N931.827 million as profit after tax in 2020. Still, the amount is below 1.071 billion recorded in 2019.