By Doris Obinna
May & Baker Nigeria Plc, says its revenue grew from N10.5b in January to September 2022 to N14.3b within same months of 2023 despite the economy challenges encountered.
•R-L: Head, Pharma Plants Operations, Mr. Silver Ajalaye; Head, Human Capital Development, Mrs. Emem Essien; Mr. Patrick Ajah; Head, Pharma Sales & Marketing, Mr. Obinna Emeribe; Executive Director, Finance, Mr. Ayodeji Aboderin and Head, Internal Control & Compliance, Mr. Godwin Obiakor
Managing Director, Mr. Patrick Ajah, said at a Lagos media luncheon that the revenue represents 38 per cent cumulative growth on the top line, which also represents 111 per cent achievement against the budget of N12.9n.
He said: “On the bottom line, the company’s PBT grew in comparison from N919m in 2022 to N1.7b at the end of September 2023 representing a 147 per cent achievement against the budget of N1.1b.
“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 Fx loss of more than N800m. This to me was and avoidable economic disruption.
“Our cost of goods grew by 35 per cent despite a significant reduction in the cost of raw materials post COVID-19 disruptions. We have also seen a significant increase in the cost of power and custom duties as they are denominated in USD.”
He appealed to the Federal Government to intervene, adding, “the manufacturing sector, which should be the driver of the economy, is being decimated by these policies.
“We are on track to launch at least seven new products next year with several more in the pipeline, at different stages of registration or development.
“The herbal plant, our state-of-the-art facility dedicated to the manufacture of herbal products got a boost with the completion of National Agency for Food and Drug Administration and Control (NAFDAC) registration of our bitter leaf capsule product; Roveda.”