Okafor: We have Re-strategised to Sustain our Growth

The Managing Director/Chief Executive Officer of May & Baker, Nnamdi Okafor, has disclosed that the company had re-strategised to sustain its growth tempo.

He said this yesterday while reflecting on the company’s unaudited Quarter 3 results for the nine months period ended 30 September 2017, released to the Stock Exchange.

He said, “Every sector of the economy has its opportunities and threats; we have chosen to adopt survival strategies to achieve our target figures.”

In a statement sent to THISDAY by its Corporate Communications Manager, Innocent Adulugba, the total comprehensive income for the year recorded a 392 per cent hike.

“This margin derives from the 2017 Quarter 3 results cumulative of N218.5 million – an increase of 174.1m – on the N44.4 million returned same time, prior year. The earnings per share which stood at 4.53k in 2016 jumped to 22.3k by 30 September in 2017.

“May & Baker’s operating profit within the period, leaped to N770.7 million from N488.3 million of September, 2016 – posting a 57.8 percent growth. The Revenue at N6.926 billion against the 2016 corresponding amount of N5.94 billion returned a growth of 16.5 percent.

“The analysis shows that the gross profit increased from N1.704billion in 2016 to N2.156 billion in 2017, growing by 26.5 percent. Similarly, the company announced a Profit before tax of 322.3 million which represents a 486 per cent growth in its results for the nine months period under review. The prior year’s return of N66. 23 million PBT shows that the company hugely shrugged off the recession hangover of 2016.