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May & Baker, a listed pharmaceutical company, has reported N1.1 billion in profit for the first quarter of 2025, a 74 percent increase from the N655 million reported in the same period of the previous year.
According to BusinessDay’s analysis of the company’s Q1 financial results, the company recorded revenue of N9.5 billion, a 48 percent increase from the N6.4 million recorded in March 2024.
In its financials, May and Baker disclosed that it made the highest amount (N3.11 billion) in Lagos, N3.1 billion in the East, N2 billion in the West and N1.2 billion in the North.
It further added that the cost of sales rose to N6 billion from N4 billion, Q1 2024.
Read also: CWG sees 368% profit boost in Q1 2025 amid robust revenue growth
Distribution, sales, and marketing expenses also surged to N1.1 billion from N820 million while administrative expenses rose by 48.5 percent to N677.8 million from N456.2 million.
The pharmaceutical’s gross profit reached N3.49 billion from N2.3 billion. In the same vein, the company’s interest income grew to 73 million from 42 million
Interest income increased to 73.53 million from N42.59 million in Q1 2024 while finance costs grew to N200 million from N91.8 million in three months.
May & Baker’s pre-tax profit surged by 74.8 percent to N1.68 billion from N963.8 million. However, on the level of non-current assets incurred by the company on property, plants, and equipment, the manufacturer recorded a 8.9 percent increase to N6 billion from N5.5 billion in Q1 2024.
The firm’s other operating income arrived at N127 million from the operating loss of N34.5 million in Q1 2024, driven mainly by miscellaneous income of N89.9 million and exchange gain of N23.5 million.
Cash and cash equivalents grew to N5.1 billion in the first quarter of 2025 , an 24 percent increase from N4.13 billion driven majorly by cash in hand and bank which amounted to N5.08 billion.
The movement in the firm’s cash and cash equivalents reveals net cash from operating activities which amounted to a negative N889.2 million in Q1 2025 from a positive N1.42 billion in Q1 2024, on the back of cash received from customers which was N9.29 billion.
Furthermore, net cash used in investing activities was at a negative N75.2 million from a negative of N215.4 million driven by other sundry income at N89.9 million and interest received at N73.5 million.
Net cash used in financing activities stood at a positive N2.77 billion from a negative N248.4 million.
May & Baker Nigeria Plc has declared a dividend of 40k for the year ended December 31, 2024. The company disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. on Monday.
“The audited financial statement for the year ended 31st December 2024 was approved at the Board meeting held on March 27, 2025 and it will be laid at the Annual General Meeting.
“A dividend of 40 kobo per share, subject to shareholders’ approval and appropriate withholding tax, will be paid to the shareholders whose names appear in the Register of Members at the close of business on Tuesday, May 20, 2025.
“On June 5, 2025, dividends will be paid electronically,” the firm stated.
