May & Baker Nigeria post 393% rise in profit in nine months

MRS Oil

May & Baker Nigeria plc is reporting 393% increase in profit to NGN218.5 million for the nine months ended in 2017 compared to NGN44.3 million reported in the same period in the financial year 2016.

The company ended the period with NGN6.9 billion revenue in contrast to NGN5.9 billion it ended the previous year with while gross profit stood at 2.1 billion against NGN1.7 billion in the year before.

Operating profit increased to NGN770.7 million in comparison to NGN488.3 million recorded in the fiscal year 2016.

May & Baker Nigeria plc declared NGN7.2 billion assets in the nine months compared to NGN7.5 billion recorded in the same period in 2016 while total liabilities lowered to NGN4.0 billion against NGN4.4 billion last year.