Cadbury Nigeria posted for 2022 a net profit more than two times higher than the figure it reported a year earlier as the food company recorded remarkable growth across key income sources, its unaudited earnings report issued Wednesday shows.
Revenue expanded by 30.3 per cent to N55.2 billion, drawing strength from a boost in domestic sales, which accounted for 96.1 per cent of turnover.
Much of that was eroded by input costs, selling and distribution expenses as well as administrative expenses as the beverage maker battled galloping inflation in Africa’s largest economy, where core inflation accelerated from 13.87 to 18.5 per cent in the year under review.
