Unilever Nigeria Plc and Cadbury Nigeria Plc, two fast-moving consumer goods producers, both claimed N41 billion in revenue in their unaudited financial statements for the first quarter that ended March 31, 2023.
Cadbury Nigeria Plc reported N16.56 billion, a 30% increase over N12.78 billion for the same period in 2022, while Unilever Nigeria reported N24.60 billion in revenue for the first quarter.
Compared to the N2.202 billion reported during the same financial period in 2022, Cadbury's earnings before tax for the first quarter of this year was N4.933 billion. Its profit after tax increased by 124% to N3.453 billion from N1.541 billion in the same quarter of 2022.
According to business segments, Cadbury's refreshment beverages, which consist of two products, generated the highest revenue for the quarter of N11.64 billion, followed by confectionery with N3.92 billion, biscuits with N606 million, and its intermediate cocoa products with N393 million.
According to Cadbury's 2022 financial reports, its 2022 revenue increased by 30% from N42.37 billion in 2021 to N55 billion in 2022.
The business claimed that despite rising prices and the naira's ongoing depreciation, this was accomplished. Profit before tax at Unilever increased from N2.34 billion in the same period in 2022 to N4.34 billion in 2023. In the same time frame, its profit increased from N1.79 billion in 2022 to N2.67 billion as reported in 2023.
The multinational recorded higher revenue from its business segments for food goods than it did for home and personal care products.
While the company's food product business segment reported N13.32 billion in revenue for the quarter, the HPC business reported N11.27 billion.
Unilever Plc announced plans to depart the skin care and home care businesses in March in order to realign its company for long-term profitability. The business claimed that by altering its business strategy, it would be able to expand more quickly and better serve the interests of customers, shareholders, and staff.