May & Baker revenue surges to N11.9 billion, highest in four years

One of Nigeria’s major pharmaceutical companies, May & Baker Nigeria Plc. has recorded impressive revenue growth of N11.9 billion, the highest revenue in the last four years.

Findings by BusinessDay reveals the company’s revenue increased by 26.7 percent to N11.9 billion compared to N9.39 billion in the previous year ended.

May & Baker’s pharmaceutical segment contributed the highest of N11.8 billion, 99 percent of the new high revenue in December 2021.

The beverage segment contributed N33 million, about 1 percent of the new high revenue of N11.9 billion as a result of a decline from N69.7 million in the previous year.

Despite the decline, revenue obtained from beverages showed a whopping 170 percent profit increase to N8.6 million from N3.18 million in the comparable periods.

The profit after tax rose to N979.3 million in 2021, from N964.5 million in the same period in the previous year.

Net cash from operating activities, a section of a company’s cash flow statement that explains the sources and uses of cash from ongoing regular business activities in a given period jumped from profit of N650 million to a loss of N2.4 billion.

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Net cash from investing activities, a segment that explains how much cash has been generated or spent from various investment-related activities in a specific period, recorded a loss year on year of N311.9 million from N449 million in 2020.

Net cash flow from financing activities, a section of a company’s cash flow statement, which shows the net flows of cash that are used to fund the company dipped by 45 percent to N1.7 billion from N3.1 billion in the previous year.

The interest income from the bank grew by a whopping 156.9 percent, to N59.1 billion from N23 billion in December 2020.

Assets grew to N17.2 billion in the fourth quarter, year on year by just 20 percent from N14.3 billion in the preceding year.

The company’s borrowing increased year on year to N2.85 billion from 2.5 billion in the previous year.

Inventory rose by 46.7 percent to N3.58 billion from N2.44 billion in the corresponding period last year.

Investment in joint ventures declined to N1.16 billion compared to N1.2 billion in the comparable periods.

Net finance cost stood at N282.7 million in December 2021, compared to N158 million in the corresponding period 2020.

The pharmaceutical company was able to cut down the cost of sales by just 7 percent less than N413.3 million in December 2020 to N383.7 million in December 2021.

Administrative expenses rose to N96.8 million from N52 million in the comparable periods.

May & Baker Nig. Plc. operates under two major business units which are the pharmaceutical manufacturing business and beverages business where food, pharmaceutical and beverage are sold.