May & Baker records N5.3b revenue, N60.6m profit in Q3

image source itchannelexpert

image source itchannelexpert

MAY & Baker Plc has posted a turnover of N5.3 billion  in its nine months unaudited performance, compared to revenue of N4. 8 billion recorded in the corresponding period in 2014.
The company also posted profit of N60.63 million, against loss of N93.5 million during the same period in 2014.
According to the company, its unaudited financial results for the nine months ended September 2015 showed that the company made nine per cent growth in turnover and 165 per cent growth in profit when compared with the same period in 2014.  
The group result from January to September shows improvement in all fundamentals, a trend which started in the last quarter of 2014 and significantly improved by the first half of 2015.
Gross profit improved by 10.3 per cent over the 2014 figures while profit for the year, after providing for taxation also grew by 144 per cent from a loss of N93 million in 2014 to a net profit position of N41 million.
The company recorded a gross profit figure of N1.8 billion against N1.6 billion for the same period of 2014 while operating profit grew by 31 per cent from N360 million  to  N470 million.
Selling costs followed the increase in revenue with a growth of 8.2 per cent while  distribution, sales and marketing expenses remained flat at N847 million.
Administrative costs inched up by 2 per cent at N444 million. Similarly, the company reined in finance charges, reducing same by 8.7 per cent from N466 million in 2014 to N425 million in 2015.
The company leveraged on its investment in a multi billion naira world class pharmaceutical manufacturing facility to steadily grow turnover and profit despite the challenging business environment in the country.
The facility which was last year certified by the World Health Organisation, according to the company  (WHO) is overcoming initial hurdles to position as the hub of pharmaceutical manufacturing in West Africa with a remarkable level of capacity utilization  and efficiency.

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