May & Baker Grows Q3 Profit by 386%

• May & Baker Grows Q3 Profit by 386%

May & Baker Nigeria Plc. has reported a 386 per cent rise in its profit before tax for the third quarter of 2017 to N322.3m from N66.23m.

The company, in a statement on Monday, said it recorded growth in its unaudited Q3 results for the nine months period ended September 30, 2017, despite the recession.

In its statement made available to the Nigerian Stock Exchange, the firm said its current year’s revenue stood at N6.926bn against N5.94bn of the corresponding period of 2016.

Operating profit within the period leaped to N770.7m from N488.3m, depicting a 57.8 per cent growth, May & Baker added.

Its gross profit was said to have increased from N1.7bn in 2016 to N2.2bn in 2017, appreciating by 26.5 per cent.

The company’s total comprehensive income for the year rose by 392 per cent, as the earnings per share which stood at 4.53k in 2016 rose to 22.3k as at September 30, 2017.

Commenting on the performance, the Managing Director/Chief Executive Officer, May & Baker, Nnamdi Okafor, said the company’s focuswas to continue to excel in spite of the tough economic environment.

He said,“Looking back, I think we strived to match our words with action to achieve our goals. However, while some facets of the economy keep opening up, we will keep challenging ourselves to go the extra mile year-on-year to generate more wealth and value for our stakeholders so as to finish the year even stronger.

“This is aimed at consolidating May & Baker’s leading position in the competitive pharma manufacturing sector.”