Pharmaceutical manufacturer May & Baker Nigeria Plc has reported a strong financial performance for the 2025 financial year, recording a 154 per cent increase in profit before tax to N6.5 billion amid challenging economic conditions.
The company disclosed the performance at its Annual General Meeting held in Lagos, where shareholders also approved a higher dividend payout for the year under review.
The approved dividend of N862.6 million translates to 50 kobo per ordinary share, representing a 25 per cent increase from the 40 kobo paid in the preceding year.
Chairman of the company, Daisy Danjuma, told shareholders that profit after tax rose significantly to N4.4 billion in 2025 from N1.6 billion recorded in 2024, reflecting a 173 per cent growth.
She also noted that earnings per share increased from 94 kobo to 257 kobo during the period, mirroring the rise in profitability.
According to Danjuma, the improved earnings performance was accompanied by a substantial increase in the company’s tax obligations, which climbed from N952 million in 2024 to N2.1 billion in 2025.
She attributed the rise in tax expenses to stronger profitability and the impact of deferred tax adjustments.
The chairman further highlighted the contribution of the company’s subsidiary, Osworth Nigeria Limited, to the group’s overall performance.
She disclosed that the subsidiary generated N4.1 billion in revenue during the year, representing a 46 per cent increase over the N2.8 billion posted in 2024.
Profit after tax at the subsidiary also grew by 62 per cent to N468 million from N289 million recorded in the previous year.
Danjuma reaffirmed the company’s commitment to sustaining growth and expanding its presence across sub-Saharan Africa, while assuring shareholders of management’s focus on creating long-term value.
Speaking on the operating environment, Managing Director, Patrick Ajah, said the company continued to engage government agencies and regulators on policies affecting pharmaceutical manufacturing in the country.
He noted that industry advocacy contributed to the Federal Government’s decision to grant duty waivers on selected pharmaceutical raw materials and active ingredients through an executive order signed by President Bola Tinubu.
According to him, while the policy has provided some relief to manufacturers, its overall impact remains limited.
“The policy has provided some relief, although its impact remains limited as the savings amount to about 7.5 per cent,” Ajah said.
Addressing shareholders’ concerns about receivables and debt management, he explained that the company’s credit exposure is closely monitored and reviewed regularly to ensure financial stability.
Ajah also disclosed that May & Baker is preparing a new medium-term growth strategy as its current corporate development plan approaches expiration this year.
He said the company plans to convene a strategic planning session before the end of 2026 to develop a fresh three-to-five-year roadmap aimed at driving expansion, strengthening competitiveness and enhancing shareholder returns.
Several shareholder groups commended the company’s performance and dividend increase, describing the results as evidence of sound management and resilience despite prevailing economic challenges.