August 14, 2025/CSL Research

Cadbury Nigeria Plc reported H1 2025 Revenue of ₦77.25 billion, marking a 50.2% y/y increase from ₦51.44 billion in H1 2024. Growth was driven by higher domestic sales, particularly in the Refreshment Beverages and Confectionery segments:

• Refreshment Beverage segment: ₦49.75 billion (+58.5% y/y from ₦31.39 billion in H1 2024)

• Confectionary segment: ₦24.82 billion (+71.8% y/y from ₦14.45 billion in H1 2024).

• Intermediate Cocoa Product segment: ₦2.68 billion (-52.1% y/y from ₦5.60 billion in H1 2024)

Operating Profit surged 224.2% y/y to ₦16.27 billion (H1 2024: ₦4.73 billion), supported by topline growth and effective cost management while Profit After Tax was ₦10.18 billion, compared to a ₦9.72 billion loss in H1 2024. The turnaround in bottom-line performance was driven in part by the steep drop in foreign exchange losses.

We project FY 2025 revenue to reach ₦181.53 billion, representing a 40.5% y/y increase from ₦129.17 billion in FY 2024, driven primarily by strong domestic sales. The company is expected to maintain effective cost management through the year, with Gross Profit rising to ₦46.11 billion from ₦18.23 billion in FY 2024. Operating Profit is forecast to grow significantly to ₦31.80 billion (FY 2024: ₦5.96 billion), while lower finance costs—stemming from reduced foreign exchange losses—should lift profit before tax to ₦29.26 billion, a sharp turnaround from the ₦28.33 billion loss recorded in FY 2024. We maintain our BUY rating and have revised our target price upward to ₦83.08 per share (previously: ₦57.44).

To read full report, click on the link below​​

​​​​​​​​​​​CADBURY H1 2025 Company Update.pdf​​​​​​​​​​​​​​​​​​​​​