May & Baker Nigeria Plc. said it has grown its pre-tax Profit to N139.5 million or 215 per cent in the first half of 2017.
In its unaudited half year results for June 30, 2017, the company said its profit before tax (PBT) leaped to N139.5 million from N44.2 million of June, 2016.
“Also, a 57 per cent growth in operating profit was recorded. This margin derives from the 2017 half year cumulative of N452.2 million increase on the N287.8 million returned same time, last year”, the company says in a statement.
Analysis, however, shows that revenue increased from N3.7 billion in 2016 to N4.5 billion in 2017 and grew by 20.6 per cent.
According to the results made available to the Nigerian Stock Exchange, the operating expenses from distribution, sales and marketing was N510.838 million in June last year. However, the statistic for the current period grew to N602.5 with a 17.9 per cent variance. However, the 2017 administrative cost was pruned to N298.8 million against N309.5 million prior year, showing a 3 per cent decline.