May & Baker Nigeria Shareholders Approve N431m Dividend

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Goddy Egene

Shareholders of May & Baker Nigeria Plc have approved the N431.308 million dividend recommended by the board for the year ended December 31, 2019. The dividend, which translated to 25 kobo per share, was approved at the 69th annual general meeting (AGM) in Lagos. The shareholders lauded the performance of the healthcare company and requested for earlier payment of the approved dividend.

May & Baker Nigeria Plc grew its net profit by 109 per cent from N342.7 million to N716.4 million in 2019. The growth was achieved despite a 5.5 per cent drop in revenue from N8.552 billion in 2018 to N8.080 billion in 2019, a general industry trend attributed to decline in consumer purchasing power, industry regulatory headwinds and unfavorable macroeconomic conditions.

Managing Director/CEO, May & Baker, Mr. Nnamdi Okafor, said the profit growth was driven by improved operating and cost efficiency as the company made more profit per unit of sale in 2019 compared with 2018.

Speaking at the AGM, Chairman of the company, Mrs. Daisy Danjuma expressed great hope in the future prospects of the company.

“I see a great future for our company. The attraction of May & Baker as an investment haven lies not only in her long track record of robust performance but more in her future prospects,” she said.

According to her, the healthcare space in sub Saharan Africa (SSA) is still largely untapped and an investment haven for operators May & Baker. “Africa’s economic prospects spark a enthusiasm about opportunities especially in its healthcare sector. Capturing that promise is the task we must set out to accomplish,” she said.