May & Baker Nigeria Plc has announced its audited report and accounts for the year ended December 31, 2012, indicating that total sales rose by 17 percent to about N6 billion.

Key extracts of the audited report, which was prepared and approved in compliance with the International Financial Reporting Standards (IFRS), showed that turnover continued to rise on the back of recent expansion. Total sales closed 2012 at N5.7 billion, as against N4.8 billion recorded in 2011. Gross profit also increased from N1.9 billion in 2011 to N2.1 billion in 2012. Profit for the year stood at N75.9 million in 2012.

Commenting on the performance of the company, Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said the company expects better results in 2013 based on increased output from its new multi-billion naira world-class pharmaceutical manufacturing plan and ongoing business restructuring efforts.

He added that expected improvement in the business environment that could result from positive developments in the resolution of the country’s security challenges, would give the company unhindered nationwide access to market her products and consolidate its performance.

According to him, the company also expects to reduce finance costs as a result of a recent access to soft loan provided by the chairman of the board of directors, which is expected to significantly raise the profitability of the company in 2013.