Meyer Plc has delivered a strong performance in the first quarter of 2025, posting a profit before tax of N250.5 million, a nine-fold rise from N28 million in the same period last year.
Net profit stood at N166.5 million, a nearly ninefold increase, as the company continues to gain traction with its ongoing transformation strategy.
According to the company’s unaudited Q1 financial results, revenue rose to N1.09 billion, up from N629.7 million in Q1 2024, representing a year-on-year growth of 98.7 percent. Gross profit more than doubled to N415.8 million, with a margin of 38 percent.
Operating costs were managed, with administrative and distribution expenses totalling N251.9 million.
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Additionally, finance income surged to N83.2 million, driven by improved treasury operations and enhanced cash management.
At its Annual General Meeting held in Lagos, Kayode Falowo, Meyer’s chairman, highlighted the company’s strides in modernisation, market expansion, and innovation as key drivers behind the turnaround.
“What we’re doing now is setting the foundation to make our business sustainable for the long term,” he said. “Even in the worst-case scenario, we are confident we will continue to outperform.”
The company is pushing ahead with national expansion, moving beyond its historical base in Lagos. It has secured three new business partnerships in Port Harcourt and commenced operations in the Abuja corridor, with another partner expected to join by June.
This geographic diversification is a strategic move to increase visibility and reduce dependence on a single regional market.
As part of its broader expansion strategy, Meyer Plc is modernising its production processes with strategic investments in advanced tinting machinery aimed at enhancing efficiency and product consistency.
The company also disclosed that new product lines are currently in development, with official launches anticipated in 2025. These initiatives, supported by a dedicated technical team, underscore Meyer’s ongoing commitment to innovation and sustained investment in research and development.
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The company’s financial position continues to strengthen. Total assets as of March 31 2025, stood at N3.09 billion, up from N2.84 billion in December 2024.
Net assets increased to N1.99 billion, while cash and cash equivalents rose to N1.82 billion, reflecting strong cash flow and disciplined capital allocation.
As a demonstration of confidence in its financial position, the Board of Meyer Plc has proposed a dividend of 30 kobo per share, payable in December 2025 to shareholders on record as of June 9.
The resolution received unanimous approval at the company’s Annual General Meeting (AGM), which also featured the re-election of directors and the ratification of Godwill Umunnakwe as a member of the Board.
Looking ahead, Meyer Plc says it is well-positioned to deliver further growth. “We are building for the future,” Falowo affirmed. “We’ve made the right moves, and we’re just getting started.”
