May & Baker Grow Revenue to N14.3bn

Ugo Aliogo

The Chief Executive Officer, May and Baker Nigeria Plc, Patrick Ajah, has stated that despite the challenges in the economy, their revenue grew from N 10.5billion (Jan-Sept 2022) to N14.3billion (Jan-Sept 2023) which represents a 38 percent cumulative growth on the topline. This also represents 111 percent achievement against the budget of N12.9billion. 

Ajah, who disclosed this in Lagos, during a media briefing, noted that on the bottom line, their PBT grew in comparison from N919million in 2022 to N1.7billion at the end of September 2023 representing a 147percent achievement against the budget of N1.1b, adding that this brilliant performance was however severely impacted by huge losses due to the floating of the Naira. 

“You may have noticed that our reported figure for PBT at the end of Q3 was less than N1b. This was as a result of the impact of the projected forex loss of more than N800m. This to me was and avoidable economic disruption,” he said.

He further explained that detailed look into their numbers would show the impact of the cost of goods and operational costs on the profits, adding that their cost of goods grew by 35 percent despite a significant reduction in the cost of raw materials post-COVID-19 disruptions. 

He remarked that they have also seen a significant increase in the cost of power and custom duties as they are denominated in USD.