Cadbury Nigeria Plc, a subsidiary of Mondelēz International, has reported profit of N1.54 billion for the first quarter of the year ended March 31, 2022, representing a growth of over 500 percent, when compared to N242 million realised in the same period in 2021.

The Company announced this in its unaudited financial result released over the weekend. In a statement, the Company said its turnover rose over 40 percent to N12.78 billion, within the period under review.

In the statement, Managing Director, Cadbury Nigeria, Mrs. Oyeyimika Adeboye, said the company’s current repositioning strategy was beginning to yield the desired results.

She said: “The business environment in which we operate continues to be challenging. With high inflation and spiraling Naira devaluation resulting in a significantly higher cost of doing business in Nigeria, we have had to increase the price of our products to bridge the huge cost from high commodity and FX impact on most of our input costs.

“We recognize the importance of nourishing and delighting our consumers with the right snacks and we will continue to make our iconic brands available to our consumers while also delivering acceptable returns to our shareholders.”