By Chioma Obinna
MAY & Baker Nigeria Plc MAY & Baker Nigeria Plc has announced a profit before tax, PBT, of N139.5 million for the half year ended June 30, 2017 (H1‘17) representing 215 percent growth compared to N44.2 million in the corresponding period of 2016 (H1’16).The result released on the Nigerian Stock Exchange, NSE, last week shows that revenue increased to N4.5 billion from N3.7 billion in H1’16, a 20.6 percent growth.
The operating expenses from distribution, sales and marketing went up by 17.9 per cent to N602.5 million as against N510.838 million in June 2016.However, the 2017 administrative cost was pruned to N298.8 million against N309.5 million in the corresponding period in 2016, a decrease of three per cent. Accordingly, the earnings per share which trended at 3.07kobo in June 2016 jumped to 9.68 kobo, showing an impressive 215 percent growth.Commenting,
Managing Director/CEO, May & Baker, Nnamdi Okafor, expressed optimism that despite some environmental challenges, the company was determined to improve on its performance, year-on-year to consolidate her leading position in the competitive pharmaceutical manufacturing sector. Highlighting some challenges, Okafor said: “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.”He assured that the company would continue to create more wealth and value for our stakeholders.