May & Baker profit climbs 77% to N3.34bn as revenue outpaces costs
May & Baker Nigeria plc has posted a profit after tax of N3.4 billion for the nine months ended September 30, a 77 percent increase from the N1.89 billion it recorded in the same period of 2024.
The performance was driven by higher sales and tighter cost management across the company’s operations.
Revenue rose 36 percent year-on-year to N29.53 billion, from N21.82 billion in 2024, reflecting a sustained demand for the company’s pharmaceutical and consumer health products. Cost of sales increased by 29 percent to N19.41 billion, slower than topline growth, lifting gross profit to N10.11 billion, a 50 percent jump from last year’s N6.76 billion.
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Operating profit surged 76 percent to N5.08 billion, compared to N2.89 billion in the corresponding period for 2024, as Nigeria’s first pharmaceutical company maintained tighter control over administrative and distribution expenses.
Finance income rose to N412.84 million from N255.79 million in 2024, and finance costs climbed to N541.65 million from N360.70 million, resulting in a pre-tax profit of N4.92 billion, up 77 percent year-on-year.
After accounting for a tax expense of N1.57 billion, profit for the nine months stood at N3.34 billion, compared to N1.89 billion in the prior period. Basic earnings per share also increased, growing from 109.43 kobo to 193.73 kobo, reflecting stronger earnings performance for shareholders.
Read also: May & Baker grows H1 profit by 49% from drug sales
May & Baker Q3 financial performance took a giant leap as profit ballooned 172 percent to N1.16 billion from N426.02 million in Q3 2024, while revenue climbed 30 percent to N10.24 billion.
The company’s balance sheet also showed an expansion in total assets to N25.75 billion as of September 2025, up from N21.22 billion same time last year. Shareholders’ fund improved to N21.55 billion, from N10.16 billion a year earlier, supported by a higher retained earnings position.
