May & Baker Assures Shareholders of Improved Performance

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Goddy Egene

The Chairman, May & Baker Nigeria Plc, Lt. Gen. Theophilus Danjuma (rtd), last week assured shareholders of improved results from the business this year and beyond.

Danjuma, who gave the assurance at the annual general meeting (AGM) held in Lagos, said the company had committed N541.3 million to construct a dedicated plant for one of its major products while it has also invested additional N437.2 million in Biovaccines Nigeria Limited, its joint venture with the federal government.

He added that the firm had invested additional capital of N1.86 billion raised recently in a right issue in its business to create enhanced opportunities for sustained growth.

Danjuma  noted that despite the discontinuation of some key products due to industry-wide regulatory directives and sale of its noodles business, the company has continued to grow its revenue through aggressive new product introductions and promotion of existing products.

According to him, as part of new strategic initiatives, the company is investing in key therapeutic areas such as sickle cell anemia and a number of new pharma, nutraceutical and herbal products.

He pointed out that the company had signed four memorandum of understanding with the Federal Ministries of Health and Science and Technology to produce and commercialise a sickle cell drug and nutraceutical products developed by the National Institute for Pharmaceutical Research and Development (NIPRD) and the Federal Institute of Industrial Research, Oshodi (FIIRO).

“The investment attraction of our company lies in the future as we continue to drive our growth and expansion strategies. Our strategic investments and growth initiatives in our core competence area, healthcare, will boost returns in the years ahead. I encourage you to maintain faith and optimism in the prospects of our company,” Danjuma said.

Similarly, Managing Director, May & Baker Nigeria Plc, Mr Nnamdi Okafor, assured shareholders that the management of the company remains committed to sustaining the company’s growth.

He said the continuing improvement in the underlying fundamentals of the company underscored the success of management’s tight cost control measures.

Shareholders commended the company for sustaining growth. Shareholders unanimously approved the payment of N345.05 million as cash dividend for the 2018 business year. The total dividend payout represented 76.05 per cent increase on N196 million paid for the 2017 business year. Shareholders would receive a dividend per share of 20 kobo for the 2018 business year.