Cadbury Nig Plc has released its FY 2021 results revealing a profit of N449.71 million, representing a 48% decrease from the prior-year period, despite revenue growing by 19.67%.
The year in review witnessed a persistent increase in prices of goods and services, thereby resulting in inflationary pressures that affected both consumers and producers. In the same vein, producers faced a significant increase in the cost of production as raw materials and freight costs increased during the period.
Hence, although the company increased sales on the back of double-digit food inflation, profit was greatly subdued by production costs which increased by a whopping 21% y-o-y.
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