Cadbury and Unilever Nigeria's revenue increased significantly in the first quarter of 2023

Unilever Nigeria Plc and Cadbury Nigeria Plc, both fast-moving consumer goods companies, reported N41 billion in revenue in their unaudited financial statements for the first quarter ended March 31, 2023.Cadbury Nigeria Plc reported N16.56 billion in revenue for the first quarter, a 30% increase over N12.78 billion in the same period in 2022, while Unilever Nigeria reported N24.60 billion in revenue. Cadbury's earnings before tax for the first quarter of this year were N4.933 billion, compared to N2.202 billion reported during the same financial period in 2022. Its profit after tax increased by 124% to N3.453 billion in the same quarter of 2022, from N1.541 billion. Cadbury's 2022 revenue climbed by 30% from N42.37 billion in 2021 to N55 billion in 2022, according to Cadbury's financial reports. Unilever Plc said in March that it would exit the skin care and home care sectors in order to refocus the firm for long-term profitability. The company argued that by changing its business model, it would be able to expand faster and better serve the interests of its consumers, shareholders, and employees.