May & Baker posts 215% profit growth in mid 2017 result

May & Baker Nigeria Plc. has announced a profit before tax of N139.5 million, which represents a 215 per cent growth in its unaudited half year results for the period ended 30 June 2017, compared to the previous year.

The PBT leapt to N139.5 million from N44.2 million of June, 2016. Also, a 57 percent growth in operating profit was recorded. This margin derives from the 2017 half year cumulative of N452.2 million increase on the N287.8 million returned same time, last year.

The analysis shows that revenue increased from N3.7 billion in 2016 to N4.5 billion in 2017 and grew by 20.6 percent.

According to the figures released to the Stock Exchange, the operating expenses from distribution, sales and marketing was N510.838 million in June last year. However, this figure grew to N602.5 with a 17.9 percent variance.

The 2017 administrative cost was pruned to N298.8 million against N309.5 million prior year, posting a 3 percent decrease.

Accordingly, the earnings per share, which trended at 3.07 kobo in June 2016, jumped to 9.68 kobo 12 months after posting an impressive 215 percent growth.

Reflecting on the H1 results, the MD/CEO of May & Baker, Nnamdi Okafor, expressed optimism despite some environmental challenges.

He said, “May & Baker is determined to improve on her performance, year-on- year so as to consolidate her leading position in the competitive Pharma manufacturing sector. We also will continue to create more wealth and value for our stakeholders.”

Mr. Okafor also highlighted some challenges; “Our everyday operations are curtailed by some encumbrances such as power, steep taxation system, port congestion and other macroeconomic challenges. I am optimistic that our numbers would become more appealing as the socio-economic environment shows steady improvement this year.”