May & Baker Nigeria Plc grew its revenue from N14.33 billion to N19.7 billion last year. The performance, which is consistent with its recent years’ growth trajectory, translates to 37.3 per cent expansion.
Its gross profit rose by about 70 per cent, from N3.88 billion posted in 2022 to N6.58 billion, putting its operating margin at 33.4 per cent. But like other companies, rising administrative and finance costs took a serious toll on the cost of operation, reducing the profit after tax from N1.49 billion to N1.1 billion in the reporting year.
Its earnings per share also dropped from 86.4 kobo in 2022 to 62.78 kobo last year. The pharmaceutical company also grew its assets from N6.17 billion to N6.63 billion last year even as it continues to grow investment across the medicare value chain.
Last year, three major competitors of May & Baker closed businesses in Nigeria following the harsh business environment and unbearable cost of operation. At its yearly general meeting in Lagos yesterday, the Chairman of the company, Daisy Danjuma, lamented the impacts of the tough operating environment on the industry but expressed confidence the firm looked forward to a more prosperous future as it continues to grow its market share and explore cost-saving strategies.
“It is my pleasure to inform you that given the relatively strong performance of our company, the directors have recommended a dividend of 30 kobo per share held in the company representing a total a total dividend payout of N517,570,465.80k subject to the applicable tax,” Danjuma informed the shareholders.
While other companies are fleeing the country, the chairman said the group would continue to invest more in expanding its production capacity across areas of interest in the country to enhance shareholders’ value.
