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May & Baker grows turnover, profit despite loss of key product

MAY & Baker Nigeria Plc has sustained its growth trajectory despite the loss of key products, which hitherto accounted for about 35 percent of its revenue.

The company’s financial statement for the 2018 financial year released to the Nigerian Stock Exchange, NSE, showed a 6.08 percent growth in turnover to N8.55 billion in 2018 from N8.06 billion in 2017. This was achieved despite the fact that in 2018, the company lost three key products which contributed over N3 billion in turnover for the 2017 business year.

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The company discontinued the production of its foods business, Mimee Noodles to concentrate on its core healthcare business, while Maysedyl, its codeine based cough syrup and Sulphanamides were stopped on account of industry wide regulatory requirements.

The company’s financial statement showed not only steady growth in turnover but also a sustained profitability as profit before tax, PBT, stood at N817.91 million while profit after tax from continuing operations was N342.7 million.

Following the 2018 business performance, the Board of Directors has recommended the payment of N345.05 million cash dividend, translating to 20kobo per share for the year.

Managing Director, May & Baker, Mr. Nnamdi Okafor, attributed the continuing growth in sales and the steady profitability of the company to its recent strategic initiatives which has made the company resilient to challenges in the operating environment.

He said the impact of the recent recapitalization by the company will become visible in the 2019 business year as the net proceeds of the rights issue would be invested in some key projects.

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