By PETER EGWUATU

May & Baker Nigeria Plc said it has done well in the last seven years given its financial performance for that period.

The Managing Director of the company, Mr. Nnamdi Okafor, who disclosed this during a factory visit by capital market operators and newsmen in Ota, Ogun State, said, “Our company has done well in the past seven years. We have posted decent revenue, profit and dividend.”

According to him,  “When we consider the seven year trend analysis of the company’s performance, you will  see that we post N1.9 billion turnover in 2005; N2.9 billion in 2006 ; N3.9billion in 2007; N5.4billion in 2008; N4.6 billion in 2009; N4.63 billion in 2010, and N4.84 billion in 2011.

On seven year profit trend, we recorded N155 million Profit Before Tax (PBT) in 2005; N266 million in 2006; N398 million in 2007; 708 million in 2008; N344 million in 2009; N308 in 2010 and N 340 million in 2011.  On dividend payment, we paid: N30 million in 2005; N30 million in 2006; N30 million in 2007; N40 million in 2008; and in 2011 we paid N10 million. We did not pay dividend in 2009 and 2010 due to unfavourable business environment which affected our profitability and turnover.”

He further disclosed that the company had undergone rapid diversifications drive and is on the path of sustained profit.

According to him, “We did bold fixed assets investments and it appeared that the revenue growth has been losing steam, with profitability trend showing a decline and investments negatively impacted liquidity, working capital and profitability, but, we are now moving on the path of sustained profitability. By the time we consolidate on our collaboration/partnership with other foreign partners and also go into vaccine production, we would be making more revenue.”

Continuing, he said,”We are heading to be a mega company fully diversified. We have a healthcare company, not just pharmaceuticals; a strong West African brand and a national pride. Our core values include: customer delight, integrity, performance excellence, faith in God, innovation and teamwork.