May & Baker Plc reports 26% growth in pharmaceutical sales in 2021
May & Baker Plc has released its Audited financial result for FY 2021, revealing a profit of N1.05 billion, representing 8.82per cent increase from the prior-year period, as revenue grew by 26.74per cent. Pharmaceutical sale segment grew by 26per cent, supporting top and bottom-line income.
The pharmaceutical company recorded its highest turnover, hitting a record N11.9 billion during the period as against N9.4 billion in the corresponding period of 2020.
The company operates two segments, Pharmaceutical and Beverage segments. The revenue from the sale of pharmaceutical products contributed 99 per cent to total revenue for the period, raking in N11.87 billion. While the beverage segment made up the remaining one per cent to generate a turnover of N33.49 million during the period.
A cursory view of the result shows that the profit generated from pharmaceutical segment appreciated by 24per cent from N3.78 billion to N4.70 billion in the current period, as profit from beverages stood at N8.60 million.
Profit growth for the period, was at 8.82per cent y-o-y, generating a total of N1.05 billion from N965 million in 2020. While pre-tax profit stood at N1.46 billion, representing 16.99per cent growth.
The interest income from bank grew by a whopping 157.95per cent, to N59.43 million from N23.04 million in FY 2020.
In addition, the company also made money from interests on deferred income realized, raking in a total of N157 million during the financial period. However, interests paid on loans and overdrafts subdued total interest income resulting in net finance costs of N207 million.
May & Baker Plc revenue performance for the period was affected by high costs of sales as well as marketing, distribution and administrative expenses, which also affected profit as a trickled down effect.
A further look at the financial results showed that May & Baker’s long-term borrowings stood at N2.89 billion. The company’s total assets are now at N17.62 billion, net assets grew by 7.89per cent to N7.27 billion.
May & Baker Plc’s earnings per share (EPS) for the period was at N0.61, an 8.93per cent increase from N0.56 in FY 2020.
The company last traded at N4.40 per share and has grown by 9.45% from year-to-date.
