May & Baker Boss Assures Stakeholders of Improved Results

The Managing Director of May & Baker Nigeria Plc, Mr. Nnamdi Okafor has assured stakeholders of the company of steady performance and improved returns despite the challenging operating environment.

Okafor, gave the assurance at the company’s end-of-year media parley in Lagos, saying May & Baker has remain resilient, as indicated by third quarter results.

According to him, the macroeconomic challenges notwithstanding, the company’s sales have been trending at some 13 per cent growth while the management has maintained efficient cost control to mitigate the effect of the macroeconomic headwinds on the bottom-line.

“We have continued to take advantage of improved production capacity and better cost management to mitigate the tough operating environment. Our results in 2016 have consistently shown improvement in major fundamentals, a trend which started in the last quarter of 2014 and significantly improved in 2015,” he said.

Okafor noted that as a world-class company, May & Baker Nigeria is consistently keeping abreast of international best practice and making strategic plans that can take its businesses to the next levels.

He pointed out that the company’s World Health Organisation (WHO)-prequalified manufacturing facility in Ota is growing into a hub of pharmaceutical manufacturing in West Africa adding that the company is also building a world-class human capital that will help to enhance the global standards of its operations.

“We are already looking ahead for better results this year and beyond. By the Grace of God and with the support of all, we shall accomplish our objectives not only to remain the leader in our market segments but also to create more wealth and value for all our stakeholders,” the managing director said.

According to nine months performance of the company ended September 30, 2016, turnover rose to N5.94 billion in 2016 as against N5.28 billion recorded in comparable period of 2015. The company took advantage of its internal cost management to boost operating profit from N470.4 million in third quarter 2015 to N489.5 million in third quarter 2016.

Similarly, finance costs reduced considerably from N425.39 million in 2015 to N377.93 million in 2016, while profit before tax rose to N66.24 million in 2016 as against N60.63 million recorded in corresponding period of 2015. Profit after tax also grew to N44.4 million in 2016 compared with N41.2 million in 2015.