Cadbury Nigeria Plc on Thursday reported higher sales and profit for the full-year 2019.

The beverage giant said that sales grew by 16% in Q4 to $10.4bn and by 9.3% in full-year to $39.3bn.

Gross Profit grew by 3% in the twelve months to $8.2bn, driven by an 11% increase in cost of sales. Costs jumped by 27% in Q4 resulting in an 11% decline in gross profit for the quarter.

Operating profit declined by 20% in full-year, driven by an 11% increase in selling & distribution expenses as well a 9.42% increase in administration expense.

Total profits for the full year grew by 54% to $1.3bn from $823m in 2018.

By segment, the company recorded an 8% sales increase in its refreshment beverages which includes its flagship Bournvita and the 3-In-1 hot chocolate brands. The segment contributed 59% of total sales or N23.1bn.

The confectionery business which includes Tom Tom, Buttermint, Clorets and Trident grew by 20% or N11.4bn while contributing 29% of total sales, and the Intermediate Cocoa products segment which includes cocoa powder, cocoa butter, cocoa liquor and cocoa cake declined by 7% or N4.7bn in sales and contributed 12% of total sales.