Cadbury Nigeria Half-Year revenue fall 1.6% on headwinds, competitive pressure
Cadbury Nigeria Plc, said on Wednesday that revenue for the six months ending in June 30, 2016 fell by 1.6% to N13.9bn, from N14.1bn in the same period a year ago.
While revenue was off by 1.6%, the maker of Bournvita posted a healthy profit after tax of N147m for the period, a 159% increase from 2015.
Cadbury had taken a series of steps over the last year to turn around its business. The chocolate drinks maker unveiled a new manufacturing plant in its Agidingbi site in October 2015, to increase production of its flagship Brournvita brand, at a cost of N10bn. Also in October, it partnered with Indomie noodles maker, Tolaram Group to launch a 3-month promo campaign of value packed Bournvita and Indomie noodles.
In April 2016, Cadbury re-launched its famous Bournvita brand in a newly re-designed packaging, which the company said contains improved nutritional content (creamier with increased quantities of Cocoa and milk). And in recent months, the company has been spending a lot of money in traditional advertising (radio, television, billboards, etc) to promote its revamped Bournvita.