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May & Baker pays N431.31m to shareholders as net profit doubles
May & Baker pays N431.31m to shareholders as net profit doubles
June 8, 2020

[/url][Image: M-B-2020-AGM-pix-600x375.jpg]

Shareholders of May & Baker Nigeria Plc at the weekend received a total of N431.31 million as cash dividends for the 2019 business year. The distribution followed approval of a 25 per cent increase in dividend payout by shareholders at the annual general meeting of the company.

Shareholders received a dividend per share of 25 kobo at the weekend, an increase of 25 per cent on 20 kobo per share paid for the 2018 business year.

The increased dividend highlighted a 109 per cent increase in May & Baker Nigeria’s net profit in 2019 from N342.7 million in 2018 to N716.4 million in 2019.

At the Annual General Meeting (AGM) held by proxy last week in Lagos, shareholders commended the performance of the healthcare company.They noted that the performance of the company showed resilience, despite the challenges in the operating environment.

Speaking at the 69th AGM, Chairman, May & Baker Nigeria Plc, Senator Daisy Danjuma said the company has great prospects, citing its operational strength and the expansive healthcare market in Sub-Saharan Africa (SSA).

“I see a great future for our company. The attraction of May & Baker as an investment haven lies not only in her long track record of robust performance but more in her future prospects,” Danjuma said.

She noted that the healthcare space in sub Saharan Africa (SSA) is still largely untapped and an investment haven for operators like May & Baker.

According to her, Africa’s economic outlook sparks enthusiasm about opportunities especially in its healthcare sector.

“Capturing that promise is the task we must set out to accomplish. Our recipe for success lies in the burning ambition to dominate our defined markets, Nigeria and the Sub-Saharan Africa. I have immense confidence in the ability of our board and management to deliver on this goal,” Danjuma said.

Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said the company’s profit growth was driven by improved operating and cost efficiency as the company made more profit per unit of sale in 2019 compared with 2018.

According to him, distribution expenses came down from N1.434 billion in 2018 to N1.197 billion in 2019. Finance costs also came down by 290 per cent from N339.4 million in 2018 to N114.14 million in 2019 as it was able to put the proceeds of its rights issue received in 2019 to judicious use.

He noted that administrative cost slightly increased to N784.3 million in 2019 from N773.7 million in 2018 but investments in a dedicated plant for her key product also gave the company fresh capital allowance and deferred tax, thus dropping tax exposure drastically from N475.2 million in the previous year to N184.5 million in 2019.

He added that the resilient bottom-line was achieved despite a 5.5 per cent drop in revenue from N8.55 billion in 2018 to N8.080 billion in 2019.

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