May and Baker records NGN41 million loss in 2016

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May and Baker Nigeria plc ended the financial year 2016 with NGN8.4 billion Revenue compared to NGN7.5 billion recorded in the financial year 2015.

Its cost of sales for the period was NGN 5.9 billion compared to NGN5.0 billion recorded in the year 2015.

May and baker recorded gross profit of NGN2.5 billion in the year in review compared to NGN2.4 billion recorded in the previous year. Its operating profit for the year was NGN820.8 million compared to NGN655.8 million recorded in the the year 2015.

The company recorded NGN345.9 million as its profit before tax in 2016 in contrast to NGN142.3 million recorded in the year 2015. After deducting its tax for the period, May and baker recorded NGN41.0 million loss for the year compared to NGN68.0 million recorded in the year 2015.

May and baker Nigeria plc acquired NGN8.6 million assets in the year 2016 compared to NGN8.2 billion acquired in the year 2015. its total liabilities for the period was NGN5.6 billion compared to NGN5.1 billion recorded in the previous year.

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Company Information

May & Baker operates under three major business units and four subsidiaries. These are the Pharmaceutical Manufacturing Business, The Beverages Business and the Foods Business. The subsidiaries are 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.

The pharmaceutical manufacturing operations is carried out in two factory locations at Ikeja in Lagos State and Ota in Ogun state. In Ikeja are a Liquid manufacturing plant, a Solid Manufacturing Plant, an ARV plant and Bectaletam plant. The total capacity for solid medicines in Ikeja is 2 billion tablets while there is capacity for 19 million bottles of  Liquid preparations of 60 ml.

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