Chinwendu Obienyi 

Nigeria’s premier pharmaceutical manufacturing company, May & Baker Nigeria Plc has sustained its growth trajectory despite the loss of key products which hitherto accounted for about 35 per cent of its revenue. 

The companys financial statement for the 2018 business year just released to the Nigerian Stock Exchange (NSE) shows a 6.08 per cent growth in turnover from N8.06 billion in 2017 to N8.55 billion in 2018.

This was achieved despite the fact that in 2018, the company lost three key products which contributed over N3 billion in turnover for the 2017 business year,  after discontinued the production of its foods business, Mimee noodles to concentrate on core healthcare business while Maysedyl its codeine based cough syrup and Sulphanamides were stopped on account of industry wide regulatory requirements.

Related News

Despite these developments firm’s financial statement showed not only steady growth in turnover but also a sustained profitability as Profit before tax stood at N817.91 million while profit after tax from continuing operations was N342.7 million.

Managing Director, May & Baker Nigeria Plc, Nnamdi Okafor, attributed the continuing growth in sales and the steady profitability of the company to its  recent strategic initiatives which has made the company resilient to challenges in the operating environment.

“Our turnover has been growing despite the recent streamlining of our business into core healthcare business. We have also maintained decent profit when compared to what obtains in our industry Okafor said.

He said the impact of the recent recapitalisation by the company will become visible in the 2019 business year as the net proceeds of the rights issue would be invested in some key projects.