By Providence Ayanfeoluwa 

May and Baker Nigeria Plc has recorded a Profit Before Tax, PBT, of N2.1 billion, a growth of 43 percent against N1.5 billion recorded in 2021.

The Board of Directors of the company recommended a dividend of 30 kobo per share representing a total dividend payout of N517.57 million.

Chairman of the Board, Senator Daisy Danjuma, said despite the tough and challenging operating environment, the company still turned in a good performance.

She disclosed that revenue increased by 20 percent to N14.3 billion in 2022 from N11.9 billion in 2021.

She revealed that the company is currently investing more in increasing its production capacity for pharma and also about to complete its new water-bottling factory at Ota in order to revive its water business – Lily.

Table Water. 

Danjuma said: “The year under review was a challenging one for the global economy with enough headwinds across most countries. From post-COVID-19 recovery efforts to Russian invasion of Ukraine, to high energycosts, spiraling inflation across the world, price volatilities and rising debt stock across sub-Saharan Africa.

Although the Nigerian economy rebounded after the difficult year of COVID-19. Growing by 3. 1 percent in 2022 (down from 3.4 percent in 2021) this has not really translated into better purchasing power for the average Nigerian consumer, on the contrary consumers are worse off with unemployment rate about 33 percent while inflation rate rose to 21percent in2022 compared to an average of 10.6 percent for emerging and developing economies and eight percent for the world.

The Russian-Ukraine war disrupted the global supply chain with an astronomical increase in diesel costs which rose by 156 percent from N312/litre in January 2022 to N800/litre by December 2022,”she said.