The pharmaceutical company, May & Baker lost about N553 million in the first six months of this year. The company’s revenue in the first-half 2019 dropped by 14%. This is according to the company’s financial result.
In the financial statement published on the website of the Nigerian Stock Exchange (NSE), May & Baker reported that its first-half 2019 revenue declined to N4.055 billion compared to the corresponding period of 2018 which was N4.609 billion.
In the second quarter (Q2) of 2019, the company reported another decline in revenue after posting N2.186 billion from N2.427 billion recorded in the same period the year before. This is a 10% drop, and a N240 million loss in three months (April to June Q2).
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It was also disclosed that May & Baker’s gross profit for the first-half 2019 dropped to N1.321 million compared to the N1.515 billion recorded in 2018, while the gross profit for Q2 was also disappointing after the company recorded N720 million compared to the N790 million recorded in 2018.
Operating Profit for the six months ended June 2019 was N504 million from N596 million which was recorded in the corresponding period. Although May & Baker’s Operating Profit for Q2 recorded an upward movement hitting N255 million when compared to the N247 million recorded in 2018.
What you need to know: Dufil Nigeria Limited, the maker of Indomie Noodles and other packaged food products in Nigeria, acquired May & Baker’s food line for N775 million. The acquisition, which happened last year, gave Dufil ownership right to the Mimee Noodles brand. It was a 100% acquisition of the company’s food line.
Samson Oyedeyi
