May & Baker reports N605.6m in before-tax profits in FY2017

May & Baker Nigeria Plc., Wednesday released its financial statements for the year ended December 2017, which indicates that the firm recorded a profit before tax (PBT) of N605.6 million, representing an increase over the N345.9 million recorded in the preceding year, 2016.

The report shows a growth in revenue from ₦8.47 billion recorded in 2016 to ₦9.35 billion in 2017.

In the year under review, according to the report, the pharmaceutical segment revenue surged to N7.9 billion as against N6.29 billion recorded in 2016. The Beverage segment revenue also increased from N59.6 million in 2016 to  N62.2 million in 2017. While the Foods segment revenue dropped from N2.1 billion in 2016 to ₦1.29 billion in 2017.

The directors have recommended a dividend of 20 kobo per share amounting to ₦196 million for the year.

May & Baker Nigeria Plc. was incorporated as a private limited liability company in Nigeria on September 4, 1944, and commenced business on the same date. It was listed on the Nigerian Stock Exchange NSE in 1994.The company is involved in the manufacture, sale, and distribution of human pharmaceuticals, human vaccines, and consumer products.