The company which had posted back-to-back losses in the past two quarters due to declining sales caused by a weakened economy and competition declared N93m in net profit, albeit a drop of 86% when compared to last year’s N673m.
The Bournvita maker experienced a 33% jump in cost of sales to N6.3bn, from N4.7bn, reflecting a higher input cost due to inflation and devaluation of the naira. This led to a 26% drop in gross profit.
Cadbury brought in a new Managing Director, Mr. Amir Shamsi in January to take over from Mr. Roy Naaman, who had departed after two years at the beverage firm.