Cadbury Nigeria Plc reported a net earnings growth of 174% in 2018. Profit skyrocketed to ₦823m from ₦300m in 2017. The leap in profit was helped by a 9% sales growth to ₦35.9 from ₦33bn, with its flagship Bournvita and 3-in-1 Hot Chocolate, which contributed 59% of Group sales recording 17.55% sales increase.

Net profit also received a boost from cost management initiatives, with Selling & Distribution expenses dropping 10% and administrative expenses declining marginally by 1.46%.

The company said that Intermediate Cocoa Products which includes cocoa powder, cocoa butter, cocoa liquor and cocoa cake, (contributing 14% of Group sales) grew by 9% in the period, helping lift sales. However, the confectionary products (Tom Tom, Buttermint, Clorets and Trident) which contributed 27% of Group sales declined by 7%.

Updated: 21 Mar 2019, 2:35PM