Despite a tough and challenging operating environment, a firm, May & Baker Nigeria Plc., has posted a strong financial performance for the 2024 financial year, with its revenue rising by 47 per cent from N19.7 billion in 2023 to N28.9 billion in 2024.
Chairman, Board of Directors, Daisy Danjuma, who spoke at the firm’s yearly general meeting (AGM) yesterday, noted that the group maintained resilience and growth in the face of macroeconomic headwinds.
Danjuma said that the gross profit rose by 29 per cent from N6.6 billion in 2023 to N8.5 billion in 2024, adding that other operating incomes surged by 135 per cent to N146.1 million, up from N62.2 million in 2023, largely driven by exchange gains.
“While operational costs increased across various segments, the company maintained profitability. Distribution, selling, and marketing expenses climbed by 26 per cent from N2.6 billion to N3.3 billion, while administrative expenses saw a modest five per cent increase to N2.8 billion.
“Finance costs also rose by 27 per cent from N290 million to N370 million. However, finance income recorded a six per cent growth, increasing from N384 million to N407 million in the year under review,” she stated.
She noted that the firm’s joint venture with Biovaccines Nigeria Limited returned a loss of N27 million, representing May & Baker’s share of the venture’s performance.
“Profit before tax (PBT) stood at N2.5 billion, marking a 69 per cent growth from N1.5 billion in 2023. However, tax expenses rose sharply by 115 per cent, attributed to back duty charges and deferred tax adjustments, resulting in a net profit after tax (PAT) of N1.6 billion, a 50 per cent increase from N1.1 billion in the previous year. Earnings per share (EPS) grew accordingly from 63 kobo in 2023 to 94 kobo in 2024,” Danjuma said.
She added that in recognition of the firm’s performance, the board recommended a dividend of 40 kobo per 50 kobo share, amounting to a total payout of N690 million, subject to applicable tax, saying: “In every challenging environment also lies opportunity for the bold. We, as shareholders, must and shall continue to support and encourage the management to lead the company to greater heights and to take its rightful position in our market and region.”
