Cadbury Nigeria Plc got off to a strong start in 2019 with a 2,200% jump in net profit in the first quarter, driven by higher sales and lower finance charge.

The Bournvita maker said that first quarter sales grew by 13% to N9.2bn from N8.2bn in the previous year.

Gross Profit grew 32% to N2.4bn, while Operating Profit jumped 236% to N714m from N213m. Finance cost fell sharply by 87% thus providing a boost to net income which rose to N507m from N22m in 2018.

The company operates three reportable business segments – Refreshment Beverages which includes the manufacture and sale of Bournvita and 3-in1 Hot chocolate. The firm said that revenue in that segment contributed 61% of net sales; Confectionary products which include the manufacture of Tom Tom, Buttermint, Clorets and Trident, accounted for 29% of revenue in the period, while Intermediate Cocoa products which include the manufacture and sale of cocoa powder, cocoa butter, cocoa liquor and cocoa cake, accounted for 10% of group sales in the period.