Increased Domestic Demand Props Topline Performance
Generally, 2021 was a good year for players in the consumer goods sector as companies delivered strong revenue figures, partly attributable to the low base effect from 2020. On this note, CADBURY posted double digit (+19.67%) topline growth in its most recent financial scorecard (to NGN42.37bn from NGN35.41bn in 2020FY). Improved volume sales and upward price revision on some of its products in the refreshment beverage and confectionery segments (notably TomTom and Bournvita) were significant catalysts for the period’s growth. Flowing from this, the refreshment beverage segment (+29.69%YoY) and confectionery segment (+14.40%YoY) recorded significant topline growth.
