Cadbury Nigeria PLC has announced a pre-tax profit of ₦2 billion for Q4 2024 in its financial statement released on the Nigerian Exchange (NGX) on January 27, 2025.
According to its financial statement released on the Nigerian Exchange (NGX) on January 27, 2025, Cadbury Nigeria significantly reduced its full-year pre-tax loss by 47.34%, from ₦28.1 billion in FY 2023 to ₦14.8 billion in FY 2024, reflecting a notable recovery from the ₦17.3 billion pre-tax loss reported in Q4 2023.
In terms of revenue, the fourth quarter witnessed a significant surge of 87.28% year-on-year, reaching N39.6 billion, compared to N21.1 billion in the same quarter of the previous year.
As a result, total revenue for fiscal year 2024 reached N129.1 billion, marking a 60.73% increase from N80.3 billion in FY 2023, with domestic sales comprising a significant portion of this total.
Key Highlights (2024 vs 2023 FY) 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, -2,226.56% YoY
Selling and 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
The company reported a revenue of N129.1 billion in FY 2024, a notable increase of 60.73% from N80.3 billion in FY 2023, with domestic sales contributing 88.5% of this figure.
However, the cost of sales spiked by 77.18% to N111.6 billion, adversely impacting gross profit, which only saw a slight increase of 0.90% to N17.4 billion.
Other income took a sharp downturn, falling from N72.5 million in FY 2023 to a loss of N1.5 billion in FY 2024.
This decline was largely driven by a N757 million impairment provision for idle assets, coupled with additional expenses totalling N629.7 million.
On a positive note, selling and distribution expenses saw a commendable decrease of 15.21%, dropping from N7.3 billion to N6.2 billion.
However, operating income did experience an 18.64% decline, slipping to N6.4 billion from N7.8 billion in FY 2023.
In financial terms, the company excelled by significantly reducing net finance costs by 40.88%, bringing them down to N21.3 billion from N36 billion.
Notably, exchange differences constituted 68.5% of these costs, while interest expenses on borrowings accounted for 28.2%.
Cadbury also achieved a strong turnaround in its full-year pre-tax loss, which decreased by 47.10% from N28.1 billion to N14.8 billion.
The fourth quarter saw a pre-tax profit of N2 billion, a recovery from the N17.3 billion loss in Q4 2023.
The company posted total assets of N64.5 billion as of December 31, 2024, marking a 1.82% increase from N63.4 billion in 2023.
Non-current assets saw growth, rising from N23.1 billion to N25.6 billion, with property, plant, and equipment representing N16.7 billion of that total.
In contrast, current assets experienced a decline of 3.33%, decreasing from N40.2 billion in the previous year to N38.9 billion for FY 2024.
