May & Baker makes N6 billion sales in 2012
May & Baker Nigeria Plc, a major player in the pharmaceutical sector, has announced that it posted about N6 billion sales in 2012.
The company, in its audited report and accounts for the year ended December 31, 2012, indicated that total sales rose by 17 per cent.
Key extracts of the audited report, which was prepared and approved in compliance with the International Financial Reporting Standards (FIRS), showed that turnover continued to rise on the back of recent expansion.
Total sales closed 2012 at N5.7 billion, as against 4.8 billion recorded in 2011. Gross profit also increased from N1.9 billion in 2011 to 2.1 billion in 2012. Profit for the year stood at N75.9 million in 2012.
Speaking on the performance of the company, Pharm. Nnamdi Okafor, the managing director, said that the company expects better results in 2013, based on increased output from its new multi-billion naira world-class pharmaceutical manufacturing plant and ongoing business restructuring effects.
He added that expected improvement in the business environment that could result from positive developments in the resolution of the country’s security challenges, would give company unhindered nationwide access to market her products and consolidate its performance.
He explained that the company also expects to reduce finance costs as a result of a recent access to a soft loan provided by the chairman of the board of directors, which is expected to significantly raise the profitability of the company in 2013.