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.
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.