May & Baker eyes foreign countries to boost market share
Determined to increase market share, May & Baker Nigeria Plc is perfecting plans to establish its footprint in select sub-Saharan African markets in 2022.
The Managing Director/ Chief Executive Officer of the Company, Mr Patrick Ajah, said this at the 2021 media luncheon on Monday in Lagos.
Ajah said that the company would start with West African countries to enhance its revenue and market share.
“A lot could have been done by now if not for the COVID-19; you find out that travelling became almost impossible, the engagement we started we couldn’t continue.
“But currently, we are discussing already with companies in Ghana, trying to make inroad to Ghana and some other English-speaking West African countries.
“We are also speaking to some companies in Senegal group; there are some companies in Senegal that we are speaking to.
“I’m sure we are going to start from West Africa, a bit of the French and more of the English-speaking, and Ghana is one of them.
“What we have decided to do is to pick a few companies that we can partner with so that issues of registration do not arise,” Ajah said.
He said that the company would aggressively pursue dominance of the local pharma market through intensified sales, marketing and distribution efforts of its key brands.
Ajah said that the company would increase product portfolio by introducing newer and innovative brands.
According to him, May & Baker will continue to drive improved Pharmacentre capacity utilisation and cost optimisation by aggressively pursuing contract manufacturing and tender business among others.
“By the end of this year, we would have crossed N10 billion in revenue for the first time and possibly achieved a profit before tax higher than we have done in recent times.
“Our business plan for 2022 also points toward that vision, bringing to bear some of the initiatives that will lay foundation for the achievement of that vision,” Ajah added.
On WHO prequalification programme, he said the company’s Pharmacentre in Ota was certified for WHO Good Manufacturing Practises (GMP) in 2014.
“Through the years, we have sustained the WHO GMP certification and currently in the last stages of the recertification process, which has been delayed by the global pandemic.
“We have also received our certification of the ISO 9001:2015 and currently in the last stages of the NAFDAC GMP audit and validation,” he said.
On return on investment for shareholders, Ajah assured them that the company would continue to ensure enhanced return on their investments.
“The results show that we are growing and our profit will be better than last year; our revenue is going to be better than last year.
“I already know that shareholders are going to be happy because we promised to cross N10 billion revenue and we have done that,” Ajah said.
He also announced that the company had completed its state of the art herbal/nutraceuticals products facility within its Pharmacentre.
Ajah said the facility would significantly increase the firm’s capacity in the manufacturing and commercialisation of its herbal medicine for the management of sickle cell anaemia.
In addition, he said the herbal product facility would boost the company’s collaboration with other Nigeria research institutes and professionals in the area of product development.
He said the company’s growth strategies showed commendable resilience and continued to gain traction.
According to him, these are pointers to its general operating efficiency and an indication that its strategies are in the right direction.
He noted that the commencement of operations of its world-class manufacturing company in Ota, Ogun State would open up a new vista of growth for the group.
According to him, despite the macroeconomic challenges, the company’s total revenue grew from N6.4 billion as at September 2020 to N8.1 billion during the same period in 2021, representing 25 per cent increase.
He said that profit before tax also rose to N1.3 billion from N1 billion achieved in the corresponding period in 2020.
