Against the background of losses being currently recorded by some pharmaceutical companies resulting in some quitting the business environment in Nigeria, a leading pharmaceutical manufacturer in the country, May & Baker Nigeria Plc has posted its group revenue of N19.7 billion in 2023, representing a growth of 37 per cent, when compared to N14.3 billion posted in 2022.
Also, the company launched the improved Lily bottled water brand, which is now produced by May & Baker Nigeria Plc. The Chairman, Board of Directors, May & Baker Nigeria Plc, Senator Daisy Danjuma disclosed the company’s recorded growth at the 2024 Annual General Meeting/Lily Water Commissioning today, Thursday, in Lagos. The gross profit grew by 70 per cent from N3.
9 billion in 2022 to N6.8 billion in 2023; other operating income dropped significantly from N1.6 billion in 2022 to N62.
2 million in 2023, Danjuma revealed, adding that 2022 was boosted by gains of N1.2 billion made from the sale of the asset. In view of the relatively strong performance of the company, the chairman disclosed that the directors have recommended a dividend of 30 kobo for every 50 kobo share held in the company representing a total dividend payout of N517,570,465.
80K subject to the applicable tax. This will apply to every shareholder whose name appears in the register of members as of the close of business on 21 May 2024, she added. Looking into the future, Danjuma disclosed that the company will continue to invest more in expandi.