Shareholders of May & Baker Nigeria Plc, have approved a total dividend of N431.31 million translating to 25 kobo for every 50 kobo share held, a 25 per cent increase against the 20 kobo paid by the company for the 2018 business year.

The pharmaceutical company  also announced that it grew its net profit by 109 per cent in 2019 business year from N342.7 million in 2018 to N716.4 million in 2019.

This result was achieved despite a 5.5 per cent drop in revenue from N8.552 billion in 2018 to N8.08 billion in 2019, a general industry trend attributed to decline in consumer purchasing power, industry regulatory headwinds and unfavorable macroeconomic conditions.  Its gross profit also slipped down from N3.2 billion in 2018 to N2.9 billion in 2019 in line with revenue drop and rising cost of input materials.

According to Mr. Nnamdi Okafor, Managing Director/CEO, the profit growth was driven by improved operating and cost efficiency as the company made more profit per unit of sale in 2019 compared with 2018.  Distribution expenses came down from N1.434 billion in 2018 to N1.197 billion in 2019. Finance costs also came down by 290 per cent from N339.4 million in 2018 to N114.14 million in 2019 as it was able to put the Rights proceeds received in 2019 to judicious use.

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Speaking at the 69th AGM, its Chairman, Senator (Mrs)Daisy Ehanire Danjuma, expressed great hope in the future prospects of the company.

“I see a great future for our company. The attraction of May & Baker as an investment haven lies not only in her long track record of robust performance but more in her future prospects.”, She said.

Senator Danjuma said the healthcare space in sub Saharan Africa (SSA) is still largely untapped and an investment haven for operators.