May & Baker Records N10.3bn Profit In 2022

The total revenue of May& Baker Nigeria Plc grew to N10 billion between January and September, 2022, despite the economic and environmental uncertainties in the country.

Despite various challenges that confronted doing business in Nigeria, Pharmaceutical company, May & Baker, recorded N10. 3 billion total revenue in the first nine months of the year and grew its Profit Before Tax (PBT) from N1.3 billion from January to September 2021 to N1.7 billion at the same corresponding period in 2022, representing 31 per cent growth.

The total revenue is 27 per cent rise when compared to N8.1 billion recorded in the corresponding period of 2021. The company’s working capital also grew from N5.3 billion in 2021 to N6.5 billion in the same period under review.

Speaking at the company’s end-of-year media parley in Lagos, May & Baker, Managing Director and Chief Executive Officer, Patrick Ajah, who said the people and business have delivered strong results spanning January to September 2022 and congratulated its partners in progress all through the year.

“Our Total Revenue in comparison to last year, grew from N8.1 billion between January and September 2021 to N10.3 billion (Jan-Sept 2022), which represents about 27 per cent growth.

“Also, our Profit Before Tax grew from N1.3 billion (Jan-Sept 2021) to N 1.7 billion (Jan-Sept 2022), which represents about 31 per cent growth. Our working capital grew from N5.3 billion (Jan-Sept 2021) to N 6.5 billion (Jan-Sept 2022) which represents about 23 percent growth,” he stated.

According to him, Nigeria is currently faced with multiple challenges from spiraling inflation, escalating energy and commodity prices; scarcity of foreign exchange, insecurity, dwindling value of the Naira; stuttering education system; skyrocketing debt profile; depleting foreign reserve, scarcity of fuel and rising fuel prices and the list goes on. A combination of these indices impacts the economy negatively.

Ajah mentioned that there is an urgent need for a more holistic approach to resuscitate the stuttering economy, as the indicators keep getting worse instead of improving.

“Report from the National Bureau of Statistics puts inflation at 21.09 per cent as of October 2022 rising from 20 77 percent in September 2022.

“In planning for 2023, the CBN has pegged the exchange rate at N435.57 per dollar as the official rate, however, spot allocations for Form Ms are currently being done at N464 for a dollar, while the Investors & Exporters (I&F) window is now trading at N446 per dollar as of October 2022 and the parallel market is ranging between N730 per dollar for cash and N750 per dollar for inflows.

The divergence in rates and scarcity and illiquidity in the market still makes it very difficult to access the much-needed forex for importation requirements of manufacturers,” Ajah stressed.

He said as gloomy as the above picture may seem, “we have somehow continued to grow our business amidst all the economic and environmental uncertainties that affect organizations like ours.

Our encouraging performance, we believe is predicated on our commitment to quality; while striving to make our products affordable, adherence to compliance, manufacturing excellence, strong supply chain capabilities and the unwavering support of our Board of Directors, led by our able Chairman.”

Ajah mentioned that there is an urgent need for a more holistic approach to resuscitate the stuttering economy, as the indicators keep getting worse instead of improving.

“Report from the National Bureau of Statistics puts inflation at 21.09 per cent as of October 2022 rising from 20 77 percent in September 2022.

“In planning for 2023, the CBN has pegged the exchange rate at N435.57 per dollar as the official rate, however, spot allocations for Form Ms are currently being done at N464 for a dollar, while the Investors & Exporters (I&F) window is now trading at N446 per dollar as of October 2022 and the parallel market is ranging between N730 per dollar for cash and N750 per dollar for inflows.

The divergence in rates and scarcity and illiquidity in the market still makes it very difficult to access the much-needed forex for importation requirements of manufacturers,” Ajah stressed.

He said as gloomy as the above picture may seem, “we have somehow continued to grow our business amidst all the economic and environmental uncertainties that affect organizations like ours.

Our encouraging performance, we believe is predicated on our commitment to quality; while striving to make our products affordable, adherence to compliance, manufacturing excellence, strong supply chain capabilities and the unwavering support of our Board of Directors, led by our able Chairman.”