Cadbury Nigeria reports N55.21bn revenue, reduces dividend payout
Cadbury Nigeria reported its total turnover for the financial year of 2022 grew by 30.3 per cent, with profit after tax following closely after growing by 29.6 per cent.
In the company’s annual report and financial statements for the year ended December 31, 2022, released on Tuesday, Cadbury posted N55.21 billion.
This is N12.84 billion difference when compared to the N42.37 billion revenue Cadbury Nigeria generated in the preceding year.
The chocolate producer expended N47.48 billion on manufacturing costs. The cost of sales rose when compared to the N35.89 billion spent to make Cadbury’s product in 2021.
Following a 32.3 per cent increase in the cost of sales, Cadbury closed last year with gross profit of N7.72 billion, improving on the N6.47 billion profit grossed the year before.
Read also:BUA Cement, Cadbury and Vitafoam make stocks to watch this week
Cadbury also stated that its bottom line surged by 29.6 per cent to N583.11 million between January to December 2022, surpassing the N449.71 million reported in 2021.
Meanwhile, Cadbury reduced its proposed dividend payout for 2022 to N0.40 kobo. The year before, the firm paid shareholders N0.50 kobo per share.
This means the board of directors intends to pay a total dividend of N751.28 million to shareholders for their investment in Cadbury last year. Shareholders received a payout of N940.51 million in 2021.
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