The Managing Director/Chief Executive Officer of May & Baker, Nnamdi Okafor, has disclosed that the company had re-strategised to sustain its growth tempo.
He said this yesterday while reflecting on the companyâ€™s unaudited Quarter 3 results for the nine months period ended 30 September 2017, released to the Stock Exchange.
He said, â€œEvery sector of the economy has its opportunities and threats; we have chosen to adopt survival strategies to achieve our target figures.â€
In a statement sent to THISDAY by its Corporate Communications Manager, Innocent Adulugba, the total comprehensive income for the year recorded a 392 per cent hike.
â€œThis margin derives from the 2017 Quarter 3 results cumulative of N218.5 million – an increase of 174.1m â€“ on the N44.4 million returned same time, prior year. The earnings per share which stood at 4.53k in 2016 jumped to 22.3k by 30 September in 2017.
â€œMay & Bakerâ€™s operating profit within the period, leaped to N770.7 million from N488.3 million of September, 2016 â€“ posting a 57.8 percent growth. The Revenue at N6.926 billion against the 2016 corresponding amount of N5.94 billion returned a growth of 16.5 percent.
â€œThe analysis shows that the gross profit increased from N1.704billion in 2016 to N2.156 billion in 2017, growing by 26.5 percent. Similarly, the company announced a Profit before tax of 322.3 million which represents a 486 per cent growth in its results for the nine months period under review. The prior yearâ€™s return of N66. 23 million PBT shows that the company hugely shrugged off the recession hangover of 2016.