May & Baker Posts N19.7bn Revenue for 2023FY

Despite the unfavorable business climate in Nigeria, May & Baker Nigeria Plc, has posted its group revenue of N19.7 billion in 2023, representing a growth of 37 per cent, when compared to N14.3 billion posted in 2022.

In view of the relatively strong performance of the company, the chairman disclosed that the directors have recommended a dividend of 30 kobo for every 50 kobo share held in the company representing a total dividend payout of N517.57 million subject to the applicable tax.

Speaking on the sidelines of the company’s 2024 Annual General Meeting/Commissioning of Lily Water in Lagos, the Chairman, Board of Directors, Senator Daisy Danjuma, notes that the gross profit grew by 70 per cent from N3.9 billion in 2022 to N6.8 billion in 2023; other operating income dropped significantly from N1.6 billion in 2022 to N62.2 million in 2023.

She said Distribution, selling and marketing expenses grew by 19 per cent from N2.1 billion in 2022 to N2.6 billion in 2023 to drive revenue; while administrative expenses grew by a whopping 119 per cent from N1.2 billion in 2022 to N2.7 billion in 2023. N1.1 billion out of the figure above came from foreign exchange losses due to the depreciation in the value of the Naira versus the dollar,” the senator stated.

Speaking On the financial cost, Danjuma said financial cost was flat year on year moving from N286 million in 2022 to N290 million in 2023 while finance income grew by 66 per cent from N231 million in 2022 to N384 million in 2023.

She disclosed that Bio-vaccines Nigeria Limited, May & Baker’s joint venture business with the federal government of Nigeria contributed N57 million as its share of the company’s profit. “Biovaccines Nigeria Limited started commercial operations in 2023 and made a marginal profit, largely from tax credit recoupable from past losses,” Danjuma explained.