Consumer goods manufacturing firm, Cadbury Nigeria Plc, has reported a 721 percent loss, amounting to N14.5 billion in the first half of 2023, compared to the same period in 2022.
This was revealed in the Unaudited Interim Financial Information for the half year ended June 30, 2023 of the manufacturer, as filed on the Nigerian Exchange Limited on Wednesday.
Cadbury reported N 2.341 billion as profit in the first half of 2022.
Its revenue for the first half of 2023, however, increased by 28 per cent to N35.607 billion from N27.876 billion for the same period in 2022. Impacting the revenue was the cost of sales which rose from N22 billion as of June 2022 to N 25.378 billion in June 2023.
Cadbury earned N34.89 billion across its four product lines in Nigeria and N714.5 million from other countries (mainly in Africa and Europe) during the period under review.
Interest income on bank deposits stood at N1.144 billion, a higher figure compared to N375.6 million at the end of June 2022.
In the first quarter of 2023, Cadbury Nigeria Plc posted N16.56 billion as revenue, a 30 per cent increase over N12.78 billion for the same period in 2022 and its profit after tax stood at N3.45 billion, 124 per cent up from N1.54 billion in the same quarter in 2022.
Its revenue for the first half of 2023, however, increased by 28 per cent to N35.607 billion from N27.876bn for the same period in 2022. Impacting the revenue was the cost of sales which rose from N22bn as of June 2022 to N 25.378 billion in June 2023.