Cadbury Nigeria PLC has announced a pre-tax profit of N2 billion for the fourth quarter of 2024, signaling a strong recovery after a challenging year. The figure represents a remarkable 111.73% turnaround from the pre-tax loss of N17.3 billion reported in the same period in 2023.
This recovery contributed to a reduction in the company’s full-year pre-tax loss, which decreased by 47.10%, from N28.1 billion in FY 2023 to N14.8 billion in FY 2024.
The fourth quarter also saw a significant surge in revenue, which rose by 87.28% year-on-year, reaching N39.6 billion compared to N21.1 billion in Q4 2023. As a result, total revenue for FY 2024 amounted to N129.1 billion, a 60.73% increase from N80.3 billion in FY 2023.
Key Financial Highlights (FY 2024 vs 2023):
- Revenue: N129.1 billion (+60.73% YoY)
- Cost of Sales: N111.6 billion (+77.18% YoY)
- Gross Profit: N17.4 billion (+0.90% YoY)
- Other Income: -N1.5 billion (down 2,226.56% YoY)
- Selling & Distribution Expenses: N6.2 billion (-15.21% YoY)
- Operating Income: N6.4 billion (-18.64% YoY)
- Net Finance Cost: N21.3 billion (-40.88% YoY)
- Pre-tax Loss: N14.8 billion (-47.10% YoY)
- Total Assets: N64.5 billion (+1.82% YoY)
Despite the strong revenue growth, the cost of sales surged by 77.18%, reaching N111.6 billion, which limited the growth of gross profit to just 0.90%. Other income saw a sharp decline, moving from a modest N72.5 million in FY 2023 to a loss of N1.5 billion in FY 2024, driven by impairments and additional expenses totaling N1.4 billion.
A positive development came in the form of reduced selling and distribution expenses, which fell by 15.21%, from N7.3 billion in 2023 to N6.2 billion in 2024. Additionally, net finance costs were significantly reduced by 40.88%, amounting to N21.3 billion, with the majority of the costs driven by exchange differences and interest expenses.
Cadbury Nigeria's total assets increased slightly by 1.82%, reaching N64.5 billion as of December 31, 2024. Non-current assets, particularly property, plant, and equipment, saw growth, while current assets experienced a slight decline of 3.33%, from N40.2 billion in 2023 to N38.9 billion in 2024.
Overall, the company’s recovery from the previous year's losses and positive revenue performance in Q4 set a promising foundation for the future.
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