…To launch 7 new products in 2024
By Doris Obinna
May & Baker Nigeria Plc, a pharmaceutical manufacturing company, has disclosed that it’s revenue grew from N10.5b in January to September 2022 to N14.3b within same months of 2023 despite the economy challenges encountered.
The Managing Director/Chief Executive Officer, Mr Patrick Ajah, disclosed this in Lagos, during its 2023 media luncheon on Thursday.
According to him, the revenue recorded represents 38 per cent cumulative growth on the top line, which also represents 111 per cent achievement against the budget of N12.9n.
Ajah explained that 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.
This performance, according to him, 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 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.”
While appealing to the federal government to intervene, he said, the manufacturing sector which should be the driver of the economy is being decimated by these policies.
Ajah further added that the company, in it’s efforts at driving organic growth is making investments towards new product developments across a broad range of therapeutic areas.
“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.
“Two new SKUs of the product; Roveda 600mg and Roveda 750mg will be added to our bouquet of Naturecare products early in Q1, 2024.
“This is in line with our commitment to partnering with our Research institutions and encouraging local research and development, using our wealth of human and natural resources,” Ajah added.