May & Baker Grows Profit to N66m in Nine Months
ByGoddy Egene
May & Baker Nigeria Plc has sustained its growth in profit despite challenging operating environment. The unaudited results of the healthcare  company for the nine months ended September 30, 2016,  showed that  its sales and profit  grew as the firm  continued to leverage on its improved production capacity and efficient cost management.
May & Baker grew sales by 12.5 per cent to N5.94 billion from N5.28 billion. Although the company recorded  high  cost of sales, internal cost management and reduction in finance cost helped to boost its bottom-line.
Finance costs reduced considerably from N425.39 million in 2015   N377.93 million in 2016. Consequently, profit before tax rose to N66.24 million in 2016 as against N60.63 million while profit after tax grew to N44.4 million in 2016 compared with N41.2 million in 2015.
Commenting on the results, Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said it showed the commitments of the board and management to long-term growth of the company.
He said the management of the company remained focused on improving the performance by curtailing costs and exploring value-adding business opportunities to create a more robust base that can sustain long-term growth.
The  nine months performance further reinforced the sustainability of the company’s performance, after  posting growths in  full-year 2015 and the first-half of this year. Following the improved 2015 results, May & Baker Nigeria had increased total dividend payout by 20 per cent to N58.8 million for the 2015 business year compared to what it paid for 2014 business year.
Addressing shareholders of the company, Chairman, May & Baker Nigeria Plc, Gen. Theophilus Danjuma (rtd), had said the company was set to break new grounds and enhance the value of their investments.
He said May & Baker plans to expand into new business areas as it seeks new opportunities that will add value to its performance while sustaining the growth of existing businesses and investments.
According to him, with its existing businesses showing resilience and the continuing operational efficiency of its World Health Organisation (WHO)-certified pharmaceutical complex in Ota, Ogun State, the company is  shifting focus to acquire new competences and expand its business into new profitable ventures.
“In the years ahead, our plan is to acquire necessary competences in new business areas and seek opportunities that will add value to our investments. At the same time we shall continue to leverage our installed capacity at the pharmaceutical facility in Ota, energise the food and beverages businesses by promoting existing brands and introducing new ones,” Danjuma said.