May & Baker posts N322.3b PBT in Q3

May & Baker Nigeria Plc has announced a Profit Before Tax (PBT) of 322.3 million, representing a 486 per cent growth when compared to N66. 23 million achieved in the corresponding period in 2016.

Specifically, the firm’s unaudited result for the third quarter ended September 30, 2017 showed a profit before tax of N322.3 million, higher than N66. 23 million recorded in 2016.

The company’s gross profit increased from N1.7 billion in 2016 to N2.2 billion in 2017, adding by 26.5 percent. Revenue stood at N6.926 billion against N5.94 billion achieved in 2016, representing 16.5 percent growth.

The operating profit within the period leaped to N770.7 million from N488.3 million of September 2016, posting a 57.8 percent growth.

According to the company, “The total comprehensive income for the year recorded a 392 percent hike. This margin derives from the 2017 Q3 cumulative of N218.5 million – an increase of 174.1m – on the N44.4 million returned same time, previous year.’’ The earnings per share rose from 4.53 kobo in 2016 to 22.3 kobo during the period under review.

The Managing Director of the company, Nnamdi Okafor, said that the company’s focus is to continue to excel in spite of the tough economic environment.
“Looking back, I think we strived to match our words with action to achieve our goals. However, while some facets of the economy keep opening up, we will keep challenging ourselves to go the extra mile year-on-year to generate more wealth and value for our stakeholders so as to finish the year even stronger. This is aimed at consolidating May & Baker’s leading position in the competitive Pharma manufacturing sector.

For the 2016 financial year, the firm’s Profit before tax rose by 142.9 per cent from N142.40 million in 2015 to N345.94 million in 2016

While sales rose by 12 per cent, improved operating efficiency resulted in the average profit-making capacity of the group on every unit of sale with pre-tax profit margin doubling from 1.88 per cent in 2015 to 4.09 percent in 2016. Operating profit margin improved from 8.67 per cent in 2015 to 9.69 percent.

The directors of the company also recommended distribution of N58.8 million as cash dividend for the 2016 business year, culminating to 6.0 kobo per share due to every shareholder of the company for the 2016 financial year.