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Tag: May & Baker

  • May & Baker marks World Malaria Day with free test

    May & Baker has been campaigning to reduce the burden of malaria through the introduction of several life-saving interventions including free test.

    The latest intervention is Malact, one of Nigeria’s most effective anti-malaria drug.

    As part of its corporate social responsibility initiatives on World Malaria Day to create awareness on the scourge, the company organised a free Malaria testing and drug distribution outreach for over 250 residents of Moshalashi Alhaja, Agege, a highly populated suburb of Lagos.

    The initiative also involved staff of May & Baker in partnership with the Lagos State Waste Management Authority carrying out an environmental sanitation exercise in the community to promote awareness on how proper environmental management can help reduce the transmission of malaria in line with the theme of this year’s celebrations.

    Executive Director, Pharma Sales and Marketing, May & Baker, Chukutem Chukuka, said the medical outreach was designed to sensitise Nigerians about the scourge of malaria and guide them on how best to live a malaria-free life.

  • May & Baker gets director

    The Board of Directors of May & Baker Nigeria Plc has appointed  Chief Samuel Onyishi as a non-executive director.

    An accomplished entrepreneur, philanthropist and business mentor,   Onyishi brings to the board of the premier pharmaceutical manufacturing company a wealth of experience in business management and corporate governance.

    Winner of the prestigious Keyman Award for Business Excellence and Integrity of the Enugu Chamber of Commerce as well as the National Merit Award of the Member of the Order of the Niger (MON), Onyishi founded the Peace Mass Transit (PMT), a flagship transport company.

    Read also: Dufil acquires May & Baker Noodles factory for N775million

    He is a director of Peace Capital Market Limited, Peace Express Service Limited, Peace Bureau de Change Limited, Peace Aviation Limited, Foton International Limited, the sole distributor of Foton mini-buses in Nigeria and Peace Microfinance Bank.

    A former, chairman of Enugu State Football Association, Onyishi is the Chairman of Rangers International Football Club.

    Two universities, his alma mater, University of Nigeria, Nsukka (UNN) and the Enugu State University of Science and Technology awarded Onyishi honorary Doctor of Business Administration.

  • May & Baker to pay N345m dividend

    The board of directors of May & Baker Nigeria Plc has recommended the payment of N345.05 million as cash dividend for the 2018 business year as the healthcare company grew its profit after tax by 73.85 per cent to N585.20 million during the year.

    The total dividend payout represents 76.05 per cent increase on N196 million paid for the 2017 business year. Shareholders will receive a dividend per share of 20 kobo for the 2018 business year. The company had increased total dividend payout from N58.8 million for 2016 business year to N196 million for 2017 and N345 million for 2018 business years.

    According to the regulatory filing at the Nigerian Stock Exchange (NSE), the dividend will be paid to  shareholders on the register of the company as at April 18, 2019, including shares from the company’s recent rights issue.

    The inclusion of the rights shares was a fulfilment of the promise of the directors of the company. While the net proceeds of the rights issue were received in the first month of the 2019 business year, the board had assured that subscribers to the rights issue will benefit from the 2018 business year dividend. The dividend payout of 20 kobo represents a dividend yield of 8.0 per cent on the rights issue’s offer price of N2.50, and ranks among the top bracket of dividend yields so far this earning season.

    Key extracts of the audited report and accounts of May & Baker Nigeria for the year ended December 31, 2018 released at the NSE showed a steady growth of 6.08 per cent in total turnover from N8.06 billion in 2017 to N8.55 billion in 2018. Profit before tax stood at N817.91 million while profit after tax from continuing operations was N342.7 million.

    With N242.5 million extra ordinary income from discontinued operations, the company made a comprehensive income of N585.20 million in 2018 compared to N336.62 million in 2017. Shareholders’ funds also rose by about 10 per cent from N3.29 billion in 2017 to N3.617 billion in 2018. At the same time, finance costs reduced by 33.67 per cent from N512.13 million in 2017 to N339.72 million in 2018.

    The company recently floated a rights issue from which the sum of N1. 86 billion was realised. The company had indicated it would invest part of this to finance part of its equity in Biovaccines Nigeria Limited, the joint venture company for local vaccine production while part would be used for capacity expansion, marketing and brand building and to offset part of its short term debts.

    Citing the growth outlook of the healthcare company,  May & Baker Nigeria Plc. Managing Director Mr. Nnamdi Okafor said the recent strategic investments and new growth initiatives being undertaken by the company would boost returns in the years ahead.

    “We derive our confidence mainly from the pedigree, performance track records and strategic plans of the company” Okafor said.

    Some of the strategic investments include a recent memorandum of understanding with the Federal Ministry of Health for the commercial production of an anti-sickle cell drug discovered by the National Institute for Pharmaceutical Research and Development. This drug holds a large potential because of the enormity of the sickle cell challenge in the country. Similarly, the company is also working with the Federal Institute of Industrial Research in Oshodi to develop and commercialise a nutraceutical product. Okafor said the company plans to become a regional healthcare hub with strong and wide footprints in the sub Saharan market.

  • May & Baker grows Q3 profit by 241% to N744.3m

    May & Baker Nigeria Plc drew on improved cost management and increased margins to sustain impressive growth in profitability in the third quarter as total comprehensive profit grew by 240.65 per cent to N744.33 million.

    Key extracts of the nine-month report for the period ended September 30, 2018, released at the Nigerian Stock Exchange (NSE), showed that the company  continued to witness impressive growth in its core Pharma business, with stronger margins, despite slight decline in revenue and present macroeconomic challenges.

    The report showed that gross profit rose by 10.6 per cent from N2.156 billion in third quarter 2017 to N2.385 billion in third quarter 2018. Operating profit also increased by 15.83 per cent from N770.71 million to N892.75 million. With finance cost dropping by 37.25 per cent from N479.60 million in third quarter 2017 to N300.94 million in third quarter 2018, profit before tax jumped by 89.19 per cent to N609.94 million as against N322.39 million recorded in comparable period of 2017.

    Profit after tax from continuing operations also leapt by 89.82 per cent from N218.505 million to N414.76 million. With the addition of net profit of N329.57 million from discontinued operation, total net comprehensive income grew by 240.65 per cent to N744.33 million in 2018 as against N218.505 million in 2017. Turnover dropped marginally by 5.63 per cent from N6.93 billion to N6.54 billion. The company had during the period divested and sold its noodles business as part of its strategic focus on its core healthcare business.

    Earnings per share, based on continuing operations, increased by 89.78 per cent from 22.30 kobo in 2017 to 42.32 kobo in 2018. On the basis of total net comprehensive income, earnings per share jumped by 240.58 per cent to 75.95 kobo in third quarter 2018 as against 22.30 kobo in third quarter 2017.

    Besides, key underlying profitability ratios showed a more profitable company with pre-tax profit margin almost on a double at 9.32 per cent in third quarter 2018 as against 4.65 per cent recorded in third quarter 2017. Operating profit margin lent credence to the improving profitability of the core operations of the company rising from 11.13 per cent to 13.65 per cent. Gross profit margin had improved from 31.11 per cent to 36.47 per cent, underlining the cost-effectiveness of the top-line strategy.

    The continuing strong bottom-line performance places May & Baker Nigeria on a stronger footing to sustain its recent dividend payment records. May & Baker Nigeria had in 2017 increased cash dividend by 233.3 per cent to 20 kobo per share compared with 6.0 kobo per share paid for the 2016 business year. The bottom-line position makes the ongoing rights issue of May & Baker Nigeria to be attractive with possible dividend yield of eight per cent within less than four months.

    May & Baker Nigeria is raising N2.45 billion in new equity funds through a rights issue to existing shareholders. The company is offering 980 million ordinary shares of 50 kobo each at N2.50 per share to existing shareholders. The rights issue has been provisionally pre-allotted on the basis of one new ordinary share for every one ordinary share held as at the close of business on Tuesday, September 4, 2018. Application list opened on Monday October 22, 2018 and will close on Wednesday November 28, 2018. Capital Assets Limited and Compass Investments &Securities Limited are the stockbrokers to the rights issue while Cordros Capital Limited and Afrinvest (West Africa) Limited are the issuing houses.

    Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, said the third quarter performance showed that the company’s strategic focus and investments have continued to yield gains for the shareholders.

    He said the ongoing rights issue would further help to reduce finance costs, increase capacity and bring greater returns to shareholders, urging shareholders to pick up their rights in order to realise the benefits of their patience and support for the company over the investment years.

    He said the company would pay dividend on the new ordinary shares to be issued through the rights issue, despite the fact that the proceeds of the rights issue will not impact our business this year as the net proceeds will be received towards the end of current business year.

     

  • May & Baker Nigeria: we’ve laid foundation for growth

    The management of May & Baker Nigeria Plc at the weekend assured investors that the company has laid a strong foundation that would ensure sustainable growth in the years ahead.

    At an interactive session at the Nigerian Stock Exchange (NSE) at the weekend, Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor said the company has a bright outlook given recent investments and key growth initiatives being implemented by the company.

    He noted that company has remained a leading company in the Nigerian healthcare sector for several decades including being the first pharmaceutical company in Nigeria, the first company to introduce human vaccines in Nigeria, the first company to obtain international ISO certification and the first to start local vaccines production project in Nigeria among others.

    He said May & Baker Nigeria’s pharmaceutical manufacturing complex in Ota, Ogun State is set to become the first company to obtain World Health Organisation (WHO) General Manufacturing Practice (GMP) certification in Africa, which will open up vast opportunities for the company to partake in global healthcare market.

    He said the company plans to harness existing opportunities to become the leading healthcare company in the Sub Saharan Africa (SSA), while maintaining its dominance as the leading pharmaceutical company in Nigeria.

    He outlined recent growth initiatives to include the launching of the local vaccines production project in collaboration with the Federal Government of Nigeria, agreement with the National Institute for Pharmaceutical Research and Development (NIPRD) for commercial production of anti sickle cell drug, NAPRISAN and agreement with foreign partner on sale and local production of nature care products among others.

    He urged shareholders to pick up their rights noting that the company has good potential for better returns in the years ahead.

    According to him, the company’s offer price of N2.50 for its ongoing rights issue is attractive given the investments that the company had made in recent years and many ongoing projects.

    Executive Director, Finance, May & Baker Nigeria Plc, Mr.  Ayodeji Aboderin, said the directors and professional parties to the company had reduced the offer price in consideration of the general lull at the stock market and given that the rights issue is for the existing shareholders of the company.

    He noted that the company will pay dividend on the rights’ shares even though the net proceeds for the offer might be received towards the end of the year.

  • May & Baker Nigeria’s N2.45b rights issue opens

    The application list for the N2.45 billion new capital raising by May & Baker Nigeria Plc opens today. May & Baker Nigeria is seeking to raise N2.45 billion in new equity funds from the existing shareholders.

    May & Baker Nigeria is offering 980 million ordinary shares of 50 kobo each at N2.50 per share to existing shareholders. The rights issue has been provisionally pre-allotted on the basis of one new ordinary share for every one ordinary share held as at the close of business on Tuesday, September 4, 2018.

    Application list for the rights issue, which opens today, will close on Wednesday, November 28, 2018.

    The opening of the application followed the approval of the rights issue by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). Shareholders had in 2014 empowered the company to raise up to N3.2 billion new equity capital.

    Capital Assets Limited and Compass Investments &Securities Limited are the stockbrokers to the rights issue, while Cordros Capital Limited and Afrinvest (West Africa) Limited are the issuing houses.

    Chairman, May & Baker Nigeria Plc, Lt. Gen Theophilus Danjuma (rtd), said the new equity funds would allow the company to harness new opportunities.

    He outlined that the company has envisioned a new vision that will see it dominating the sub-Saharan Africa (SSA) markets in line with its new vision of being the leading healthcare brand in SSA.

    According to him, the new five-year strategic plan of the company entails focus and expansion along the company’s competitive advantage of healthcare and will soon begin to establish footprints and seek dominance in this area in the SSA region.

    “Your company has turned the corner and is now solidly on the path of growth and strong profitability. Our plan in the next few years is to focus on driving our new vision, strategic goals and establishing our footprint as a leading healthcare brand in sub-Saharan Africa. The company will strive to acquire required competencies in related business areas, expand its regional reach to explore new markets, improve capacity utilisation at our WHO GMP pharmaceutical facility in Ota and continue to deliver value and returns on investments to our loyal shareholders,” Danjuma said.

    He urged shareholders to support the realisation of the company’s vision by picking their rights issue, assuring that shareholders will reap the rewards in the immediate future and beyond.

  • May & Baker signs sickle cell drug production deal

    May & Baker Nigeria Plc has signed an agreement with the National Institute for Pharmaceutical Research and Development (NIPRD) for the commercial production of anti-sickle cell drug, NAPRISAN.

    The agreement was signed in Abuja by May & Baker Nigeria Managing Director Mr. Nnamdi Okafor and NIPRD Acting Director-General Professor Olabayo Kunle, with Minister of Health, Professor Isaac  Adewole as a witness.

    The Federal Executive Council (FEC) recently ratified the Memorandum of Understanding (MoU) between NIPRD and May & Baker Nigeria, leading to the signing of the commercialisation agreement.

    Okafor said his company took on the task of producing NIPRISAN to provide succour to  many homes who have  been weighed down by the agony of sickle cell anaemia.

    “We expect this product to be a commercial success and a leading product of our company  as we intend to give it all the attention required,” Okafor said.

    NIPRISAN is an anti-sicklling formula   discovered by NIPRD researchers several years back. Its commercialisation in Nigeria is expected to substantially relieve the sickle cell disease burden which is responsible for the death of hundreds of thousands of people in the country yearly and has brought agony to many families.

    NIPRISAN is one of the few successful formulations that have been acknowledged to treat the sickle cell anaemia. With its commercial production May & Baker will not only have added to her large basket of successful quality medicines but would set the blaze in encouraging local research into various medicines.

    Analysts said they expected the new deal to encourage researchers to do more work that would throw up local medicaments for the disease burden in Africa.

    Analysts expected the latest deal to further impact on the operational performance of May & Baker, which has seen considerable growth in recent years.

    Audited report and accounts of May & Baker Nigeria for the year ended last December 31 showed that turnover grew by 10 per cent from N8.5 billion in 2016 to N9.4 billion in 2017. Gross profit grew by an impressive 29 per cent from N2.5 billion in 2016 to N3.3 billion in 2017.

    Cost containment strategies saw cost of sales ratio declining to 64.91 per cent last year from 70.0 per cent in 2016. Earnings margins followed the same growth pattern as the company earned 12 kobo in profit from every Naira it invested.

    Profit before tax grew by 75 per cent from N346 million in 2016 to N606 million in 2017 while profit after tax position jumped by 1002 per cent from a loss position of N41 million in 2016 to a profit after tax of N371 million in 2017. The company increased dividend per share to 20 kobo for the last business year.

     

  • May & Baker increases dividend payout by 233.3%

    •Pre-tax profit rises by 75% to N605.6m

    Shareholders of May & Baker Nigeria Plc will receive a 233.3 per cent increase in cash dividend as the healthcare company sustained its improving performance with well-rounded growths in all kep performance indicators in 2017.

    The board of directors of the company has recommended distribution of N196 million as cash dividend for the 2017 business year, representing a dividend per share of 20 kobo. The recommended dividend payout for 2017 represents an increase of 233.3 per cent on the payout for the 2016 business year. May & Baker had distributed N58.8 million as cash dividend for the 2016 business year, with shareholders receiving a dividend per share of 6.0 kobo.

    Key extracts of the audited report and accounts of May & Baker Nigeria for the year ended December 31, 2017 released at the Nigerian Stock Exchange (NSE) showed that the healthcare company recorded significant growths in sales and profitability in 2017.

    The report indicated impressive improvements in the underlying fundamentals of the company as well as the actual earnings figures. The top-down improvements in margins underlined the increasing efficiency of the company’s operations and management’s commitment to cost efficiency.

    Group turnover rose by 10.39 per cent from N8.47 billion in 2016 to N9.35 billion in 2017. Gross profit grew by 29.13 per cent to N3.28 billion in 2017 as against N2.54 billion in 2016. Operating profit jumped by 51.04 per cent from N820.87 million to cross the billion Naira mark to N1.24 billion in 2017. Profit before tax leapt by 75.07 per cent from N345.94 million in 2016 to N605.62 million in 2017. After taxes, net profit stood at N370.87 million in 2017 compared with net loss after tax of N41.09 million recorded in 2016. Shareholders’ funds also rose by 10.3 per cent from N3.01 billion in 2016 to N3.32 billion in 2017.

    All key underlying performance indicators showed considerable improvements, indicating increasing profitability of the company. Gross profit margin improved by more than five percentage points to 35.08 per cent in 2017 compared with 29.99 per cent in 2016. Operating margin-which indicates the profitability of the core operations of the company, rose from 9.69 per cent in 2016 to 13.26 per cent in 2017. Pre-tax profit margin-which underlines the profitability of the company, also increased from 4.09 per cent in 2016 to 6.48 per cent in 2017.

    The management of the company attributed the performance of the company in 2017 to the success of management’s efforts to harness the potential of recent investments and reduce related costs.

    According to the management, despite the macroeconomic challenges, the company’s sales growth has continued to improve considerably above industry average, showing continuing efforts to retain and grow market share.

    Managing Director, May & Baker Nigeria Plc, Mr Nnamdi Okafor said that the improvement in margin validated management’s tight cost control measures and continuing efforts to harness synergies within the group to reduce costs and improve shareholders’ value.

    “Our results show our main focus of satisfying our customer and enhancing our shareholders’ value. Our steady implementation of many growth initiatives are paying off as can be seen in the latest results. We are also happy that the investing public is taking note of these improvements with the performance of our stock as one of the best-performing stocks at the market,”  Okafor said.

    He noted that the recent inauguration of the board of Biovaccines Nigeria Limited has raised the prospects that the subsidiary will soon begin to impact positively on the group performance.

    He pointed out that with the company’s world-class manufacturing facility in Ota, Ogun State, growing into a hub of pharmaceutical manufacturing in West Africa, the imminent commencement of operations by Biovacccines Nigeria Limited will open up a new vast vista of growth for the group.

     

     

     

    Minister of Health, Prof. Isaac Adewole recently inaugurated the board of Biovaccines Nigeria Limited in Abuja.  May & Baker Nigeria holds the majority equity stake of 51 per cent while the government holds 49 per cent equity stake in Biovaccines Nigeria Limited, the company set up for the purpose of May and Baker Nigeria-government partnership.

    The Federal Executive Council had at its sitting on May 31, 2017 ratified a joint venture agreement (JVA) between the Federal Government and May & Baker for the formation of a private company, Biovaccines Nigeria Limited to serve as a special purpose vehicle for the production of vaccines in Nigeria.

     

  • May & Baker to grow pharmaceuticals by 75% to N11b

    Shareholders of May & Baker Nigeria Plc should expect a better performance this year as the leading healthcare company plans to grow its drug manufacturing and distribution business by 75 per cent to about N11 billion.

    Executive Director, Pharma sales and marketing, May & Baker Nigeria Plc, Mr. Chukuka Chukutem, said the company plans to increase the contribution of the pharmaceutical business to the group turnover from N6 billion in 2016 to about N10.5 billion in 2017.

    Speaking at an interactive session with distributors of the company in Lagos, Chukutem said the company plans to achieve the threefold growth through regular product availability, introduction of new products, increase brand support and promotion.

    He said the company has mapped out distributor support and incentive system that would make distributors to grow their businesses, urging the customers to support the company by striving to achieve their sales targets and prompt payment for purchases.

    Chukutem noted that the company paid  more than N70 million as incentives to high-performing customers of her healthcare products only in 2016 while many of the distributors were also given different gift items valued at more than N20 million.

    He said the company not only looks to make profit for its shareholders, but also shares its profit with the customers in recognition of their loyalty.

    In his remarks, Managing Director, May & Baker Nigeria Plc, Mr. Nnamdi Okafor, commended the customers for their contributions to the company’s achievement in 2016.

    He pointed out that despite the economic recession, May & Baker was able to grow its turnover in 2016 by more than 18 per cent compared with 2015 performance, significantly exceeding industry average of 11 per cent.

    Also speaking at the forum, Managing Director, Audion Pharmacy Limited, Mrs Edna Nwachukwu, commended May & Baker for supporting the distributors.

    Nwachukwu, who was adjudged the best national customer, noted that May & Baker’s consistency in supplying quality products was a major secret of the success of the distributors.

    She urged the company to ensure regular supply of products to enable its distributors retain their market share.

    The customer forum is an annual event organised by May & Baker to reward pharmaceutical distributors, who did very well in the previous year. It is also used to interact with the customers in order to get their inputs for the new business year. May & Baker Nigeria also used the occasion to launch a new product, Easadol Suspension, a flavoured pain relief for children.

  • May & Baker elevates three as EDs

    May & Baker elevates three as EDs

    May & Baker Nigeria PLC has announced the elevation of three senior management officers to the position of executive directors.

    The new members on the Board of Directors of the company are: Mr. Valentine Okelu, executive director, foods division; Mr.  Chukuka Chukutem, executive director, pharma sales and marketing and Mr. AyodejiAboderin, executive director, finance. While the appointments of Okelu and Chukutem take immediate effect, that of Aboderin will be effective in March 2017.

    Chukutem was head, pharma sales and marketing before his elevation. He initially joined May & Baker Nigeria in 1994 and was promoted as national key accounts manager. He was thereafter engaged by another key player in the Nigerian pharma industry to drive major growth initiatives in marketing, brand assets, public sector & regulatory affairs, rising to general manager and associate director positions, before returning to May & Baker Nigeria in May 2012 as head, corporate planning & development. He was reassigned to head the pharma sales & marketing division in 2013.

    Prior to his elevation, Okelu was the head, foods division of the company.  He joined May & Baker in 1996 as a medical representative. Other positions he held within the company include market development manager, product manager – cardiovascular and head, demand creation and head, pharmaceutical sales and marketing.

    Aboderin joined May & Baker Nigeria in 2014 as controller of finance. A 1993 Accountancy graduate of The Polytechnic, Ibadan, he is an associate member of the Institute of Chartered Accountants of Nigeria and holds a Commonwealth Executive MBA degree from the National Open University of Nigeria.

    He has over two decades of cognate experience in the fast moving consumer goods industry.