May & Baker FY 2015 Profit Up 7.40% | Independent Newspapers Limited
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May & Baker FY 2015 Profit Up 7.40%

may and baker
Posted: Apr 15, 2016 at 3:00 am   /   by   /   comments (0)

May and Baker, an indigenous pharmaceutical company, has posted an improved profit for the 2015 financial year.

The company informed the management of The Nigerian Stock Exchange (NSE) on Thursday that its profit after tax rose by 7.40 percent to N68.033 million from N63.340 million reported in the corresponding period of 2014.

Revenue for the period stood at N7.568 billion from N7018 billion reported in 2014, representing an improvement of 7.8 percent, gross profit dropped to N2.489 billion from N2.559 billion, operating Income also went down to N32.207 million from N68.992 million in 2014.

Operating profit for the period stood at N655.800 million from N736.530 million, investment income rose significantly to N22.678 million from N3.879 million, profit before tax rose by 40.74 percent from N101.173 million to N142.397 million while earning per share which was 6.46 kobo in 2014, rose to 6.94 kobo.

Managing Director of the company, Mr. Nnamdi Okafor, said the company recorded 40 percent profit before tax growth in 2015 despite the economic crisis at the time.

He said the growth experienced by the company exceeded the pharmaceutical industry’s growth of 13 per cent.

He said: “The review period, 2015, was a difficult year for business, particularly for our industry for reasons we are all familiar with ranging from the general elections to security issues in the North-East to macro-economic issues in the last quarter.

“But I am delighted to announce to you that in spite of these adverse conditions in 2015, our company recorded her best performance in four years.”

Okafor said that with forex putting pressure on manufacturing, the company planned to innovate and keep reviewing its business processes aimed at making it more productive in 2016.

According to him, new products will also be introduced to give consumers more varieties and shareholders’ profit opportunities.

The Head, Pharmaceutical Sales and Marketing, Mr. Chukwutem Chukwuka, said the company aimed for a 19 per cent business growth in 2016 through increasing support for brands by making information more available.