Two fast-growing consumer goods manufacturers, Unilever Nigeria Plc and Cadbury Nigeria Plc, have reported revenue of N41 billion in their unaudited financial statements for the first quarter ended March 31, 2023.
While Unilever Nigeria reports N24. Cadbury Nigeria Plc posted first quarter revenue of N60 billion at N16.56 billion, a 30 percent increase from N12.78 billion in the same period in 2022.
For Cadbury, profit before tax for the first quarter of the year was N4.933 billion compared to N2.202 billion for the same financial period in 2022. Its profit after tax was N3.453 billion, up 124 percent from N1. 541 billion in the same quarter of 2022.
In terms of business segments, Cadbury’s soft drinks, which comprises two products, generated the highest revenue for the quarter at N11.64 billion, followed by confectionary which raked in N3.92 billion, biscuit which brought in N606 million and its intermediate cocoa products generated the lowest revenue in the quarter. ; N393 m.
In its 2022 financial statements, Cadbury disclosed that its revenue for 2022 has grown by 30 percent from N42.37 billion in 2021 to N55.21 billion in 2022.
The company said this was achieved despite rising inflation and continued depreciation of the naira.
At Unilever, profit before tax was N4.34 billion, down from N2.34 billion recorded in the same period in 2022. Its profit for the period also appreciated from N1.79 billion in 2022 to N2.67 billion recorded in 2023.
For its business segments; Food products and home and personal care products, the multinational reported higher revenue from the food products segment.
While the food business segment recorded N13.32 billion in the quarter, the HPC segment posted revenue of N11.27 billion.
In March, Unilever Plc revealed plans to exit the home care and skin care markets in a bid to realign its business for sustainable profitability.
The company said it is changing its business model to accelerate the company’s growth and better meet the needs of consumers, shareholders and employees.
A part of the statement reads: “This will include a transformation of the portfolio, moving beyond the home care and skin care categories to focus on higher growth opportunities.”