May & Baker Rebounds With N371m Net Profit

May and Baker Nigeria Plc recorded significant growths in sales and profitability in 2017 as the healthcare company continued implementations of its medium-term strategic plan aimed at enhancing shareholders’ value.
Audited report and accounts of May and Baker Nigeria for the year ended December 31, 2017 released at the Nigerian Stock Exchange (NSE) showed impressive improvements in the underlying fundamentals of the company as well as the actual earnings figures.
The board of directors of the company has recommended distribution of N196 million as cash dividend for the 2017 business year, representing a dividend per share of 20 kobo.
Highlights of the report showed that turnover rose by 10.39 per cent from N8.47 billion in 2016 to N9.35 billion in 2017. Gross profit grew by 29.13 per cent to N3.28 billion in 2017 as against N2.54 billion in 2016. Operating profit jumped by 51.04 per cent from N820.87 million N1.24 billion in 2017. Profit before tax leapt by 75.07 per cent from N345.94 million in 2016 to N605.62 million in 2017, while profit after tax stood at N370.87 million in 2017 compared with net loss after tax of N41.09 million recorded in 2016. Shareholders’ funds also rose by 10.3 per cent from N3.01 billion in 2016 to N3.32 billion in 2017.
The Management of the company attributed the performance of the company in 2017 the success of management’s efforts to harness the potential of recent investments and reduce related costs.
According to the company, despite the macroeconomic challenges, the company’s sales growth has continued to improve considerably above industry average, showing continuing efforts to retain and grow market share.
He noted that the improvement in margin validated management’s tight cost control measures and continuing efforts to harness synergies within the group to reduce costs and improve shareholders’ value.
The managing director and CEO of May and Baker, Mr. Nnamdi said, “our results show our main focus of satisfying our customer and enhancing our shareholders’ value. Our steady implementation of many growth initiatives are paying off as can be seen in the latest results. We are also happy that the investing public is taking note of these improvements with the performance of our stock as one of the best-performing stocks at the market.”
He noted that the recent inauguration of the board of Biovaccines Nigeria Limited has raised the prospects that the subsidiary will soon begin to impact positively on the group performance.
He pointed out that with the company’s world-class manufacturing facility in Ota, Ogun State, growing into a hub of pharmaceutical manufacturing in West Africa, the imminent commencement of operations by Biovacccines Nigeria Limited will open up a new vast vista of growth for the group.

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