Key highlights from the financial statement include:
- Revenue: N89.52 billion (+51%)
- Cost of Sales: N74.76 billion (+74%)
- Gross Profit: N14.76 billion (-9.44%)
- Selling and Distribution Expenses: N5.18 billion (-0.13%)
- Operating Profit: N6.24 billion (-35%)
- Net Finance Cost: N23.18 billion (+17%)
- Pre-tax Loss: N16.93 billion (+65%)
- Loss After Tax: N11.85 billion (+16%)
- Basic EPS: (-N520)
In Q3 2024, revenues rose to N38.08 billion from N23.59 billion, but costs consumed 86% of revenues, with a total cost of sales at N32.91 billion, nearly double the previous year’s figure. The company’s gross profit fell to N5.17 billion from N6.07 billion in Q3 2023, with finance costs shifting from a net gain to a cost of N4.5 billion.
Despite the increase in revenues, ongoing economic challenges have continued to impact profitability. Cadbury had previously reported a pre-tax loss of N28.2 billion for the entire 2023 fiscal year. The company’s board announced a negotiated $20 million debt forgiveness in January 2024 due to the significant devaluation of the Nigerian Naira.
Revenues from the refreshment beverage segment accounted for N53.35 billion, while confectionary sales generated N25.71 billion. Notably, revenues from intermediate cocoa products surged over 200%, increasing from N3.2 billion to N10.45 billion in the third quarter.
