Cadbury Nigeria Plc has reported a 110 per cent increase in net profit for the full year ended December 31, 2022, reaching N946.09 million.
In a statement released to the Nigeria Exchange Limited on Wednesday, the confectionary company said the profit rose from N44.71m in 2021 while profit before tax increased by 23% to N1.35bn, from N1.1bn.
The gross profit rose by 20% to N7.765bn, from N6.487bn as revenue rose by 30% to N55.21bn, up from N42.37bn.
Basic earnings per share rose to N50.37 from N23.94 in the previous year.
Zulum receives 1,300 Nigerian refugees from Cameroon
Zulum receives 1,300 Nigerian refugees from Cameroon
The full-year performance was despite a Q4 comprehensive loss of N1.87b, more than double the loss of N682.87m in the same period in 2021.
This result is “impressive,” said Chinenyem Anyanwu, Chief Executive Officer of Dependable Securities, a brokerage firm and Dealing Member of the NGX. Although the results are unaudited, he said investors who have eyes on dividends can buy the stock. “A company cannot declare a dividend on an unaudited result, but the company cannot pay less than the 50k per share it paid last year,” he said.
Cadbury lost 25 kobo or 2.07% to close at N11.85 at the end of trading in Lagos on Wednesday.