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May & Baker grosses N322m profit in 9 months

May & Baker Nigeria Plc. has grossed a pre-tax profit of N322.3 million in its unaudited third quarter results,  spanning nine-month period, which ended on September 30.

A statement from the company says this represents a 486 per cent growth. The previous year’s return of N66. 23 million profit before tax shows that the company hugely shrugged off the recession hangover of 2016.

Highlights of the report show that its revenue rose to N6.926 billion from the 2016 figure of N5.94 billion. The operating profit within the period leaped to N770.7 million from N488.3 million of September, 2016, posting a 57.8 per cent growth. 

The analysis shows that the gross profit increased from N1.7 billion in 2016 to N2.2 billion in 2017, growing by 26.5 per cent. The total comprehensive income for the year recorded a 392 per cent hike. This margin derives from the third quarter cumulative earnings of N218.5 million, an increase of 174.1 million, on the N44.4 million returned same time last year. The earnings per share, which stood at 4.53 kobo in 2016, jumped to 22.3kobo by September 30.

Commenting on the performance thus far, the MD/CEO of the company, Nnamdi Okafor, said the company’s focus is to continue to excel despite the tough operating environment.

He added: “Looking back, I think we strived to match our words with action to achieve our goals. However, while some facets of the economy keep opening up, we will keep challenging ourselves to go the extra mile year-on-year to generate more wealth and value for our stakeholders so as to finish the year even stronger. This is aimed at consolidating May & Baker’s leading position in the competitive Pharma manufacturing sector.”

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