May & Baker Nigeria Reports 26.5 Percent Increase in Profit in H1 2021

May & Baker Nigeria Plc, a Pharmaceutical Manufacturing Business and Beverages Business, on Monday reported a 26.5 percent increase in profit after tax from N438.886 million filed in the first half (H1) of 2020 to N555.274 in the first half of 2021.

In the company’s unaudited financial statements, revenue grew by 35.7 percent in the period under review to N5.525 billion, up from the N4.072 billion recorded in the corresponding period of 2020.

Gross profit rose by 51.5 percent from N1.592 billion recorded in the first half of 2020 to N2.412 billion in the first half of 2021.

Administrative expenses jumped by 103.9 percent to N542.049 million in H1 2021, up from N265.737 million achieved in the same period of 2020.

Operating profit expanded by 36.2 percent to N936.790 million when compared to N687.745 million recorded in H1 2020.

Profit before tax increased by 26.5 percent from N645.421 million filed in H1 2020 to N816.580 million in H1 2021.

The company paid N261.306 in income tax for the period, bringing profit after tax to N555.274 million.

Total assets rose by 24 percent from N11.396 billion in H1 2020 to N14.135 billion in the period under review.