After taking much time to release its financials for the first nine months of the year, May & Baker, a major pharmaceutical company said its net profit for the third quarter of the year.
Gross revenue for the quarter rose to NGN5,9 billion compared to NGN5,2 billion in the previous year. The inflationary milieu was accentuated in its cost of sales that rose to NGN4,2 billion versus NGN3,5 billion disclosed last year.
The company said its distribution, sales and marketing expense fell to NGN769 million compared to NGN846 million. This is a negative sign that the company saw a serious deep in its sales and marketing activities.
Total asset at the end of the period fell to NGN7.5 billion compared to NGN7,5 billion in the previous year. May & Baker also said its total liabilities rose to NGN4,4 billion compared to NGN4,7 billion in the previous year. The company has taken serious steps to reduce its liabilities.
The major risk to this positive position is likelihood of inflation rate pushing interest rate higher, a major concern for the company going forward.
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 in 1994.
The Company is involved in the manufacture, sale and distribution of human pharmaceuticals, human vaccines and consumer products. Registered business address is 3/5 Sapara Street, Industrial Estate, Ikeja , Lagos, Nigeria