May & Baker PLC, one of the major manufacturing conglomerate in Nigeria has managed to get out of debt.
The company released its 2015 audited annual report and Q1 2016 financial results showing its net profit rose by 157% to NGN24 million compared to NGN42 million loss the company made within the same quarter last year. Its 2015 full year result also showed that its net profit for the year end 2015 was NGN68 million.
As an overview of its business, the group’s gross revenue for Q1 2016 was 1,8 billion. This represents a 20% growth when compared to NGN1,5 billion the company made same quarter last year. However, May & Baker’s gross profit for the year end 2015 was NGN 7,5 billion.
As a going concern, May & Baker’s assets is lower at NGN7,5 billion compared to NGN7,7 billion the company declared same quarter last year.
May & Baker has three business units. Pharmaceutical manufacturing, beverages and the foods. The group operates with the following subsidiaries- Biovaccines Nigeria Limited, Osworth Nigeria Limited, Servisure Nigeria Limited and Tydipacks Nigeria Limited. While Biovaccines is a partnership with the Federal Government of Nigeria for local production of human vaccines, Servisure, Osworth and Tydipacks are brand owning healthcare companies.
According to the company, its new pharmaceutical plant in Ota, the M&B Pharmacentre has capacity to produce 4 billion tablets and 30 million bottles of 60 ml liquid preparations annually.
The combined capacity of May & Baker’s pharmaceutical business is therefore in excess of 6 billion tablets and 49 million bottles of liquid preparations per annum for a range of over 80 products.
The Beverage Business is located in Ikeja and is currently involved in the bottling of Lily table water while the Food business produces a leading instant noodles, Mimee Noodles.
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