May & Baker crosses N10 billion turnover mark
For the first time in close to eight decades of its operation in the country, May & Baker Nigeria Plc (M&B) has crossed N10 billion turnover as it looks forward to more aggressive growth in the coming years.
Its Managing Director and Chief Executive Officer, Patrick Ajah, disclosed that the firm grew its turnover by 34 per cent last year, from N8.1 billion to N10.8 billion, smashing previous performances and achieving 98 per cent of the target set on the assumption of office.
Ajah, who marked his first anniversary towards the end of last year, said the company would redouble its efforts as it looked to reinvent itself to become “number one in terms of profitability and revenue in the industry”.
The chief executive assured its stakeholders at the firm’s 2022 Distributors’ Forum that his team would not rest on oars until it reclaimed the market through competitive pricing, quality products, cost optimisation and aggressive marketing drive.
The management has, thus, set another ambitious target for this financial year, raising the turnover mark to N17 billion, 57 per cent up from last year’s performance.
To achieve the growth plan, May & Baker is rolling out new products and embarking on a multi-media marketing campaign across different market clusters in the coming months. At the forum held last week, it introduced a new medicine – Artelum Combo – expected to bridge the gap in the malaria treatment market.
Artelum Combo is a unique value proposition brand of Arthemeter – Lumefantrine and Paracetamol that offers a complete treatment of malaria in one pack, the company said.
“Artemisinin combination therapy (ACT) remains the mainstay in Malaria treatment. However, patients on ACTs do not experience fast symptomatic relief (headache, fever and pains) because it lacks analgesic or antipyretic properties, leading to reduced fever clearance and slow symptomatic relief for patients. This calls for the need for patients to get a product that addresses the problem.
Artelum combo solves this challenge as it contains quality ACT from M&B and the very effective M&B Paracetamol popularly referred to as the red one,” it stated.
At a previous function, he had said the commencement of operations of its manufacturing plant in Ota, Ogun State, and implementation of a backward integration plan would create a new vista of growth as it concluded arrangements to extend its operations to other sub-Saharan African countries.
The firm honoured distributors who have supported its growth aspiration last year and assured them of its continuous support for their businesses.