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Business News

May & Baker Plc says it could pay dividends despite difficult year

May & Baker Plc said it has the capacity to pay dividends to its shareholders despite the difficulty it has experienced during the 2018 financial year.

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May & Baker Nigeria Plc

May & Baker Plc said it has the capacity to pay dividends to its shareholders despite the difficulty it has experienced during the 2018 financial year. However, dividend payment would be subject to certain approvals.

The company’s Managing Director, Mr Nnamdi Okafor, disclosed this yesterday in Lagos, during a launch with reporters.

The pharmaceutical company’s financial results for the past three quarters of the year form the basis for the claim of capacity to pay dividends, according to the MD.

Mr Okafor also used the occasion to comment on the company’s financial performance so far in 2018, saying that the company has done relatively well considering its challenges and the streamlining of its operations.

“Despite all the constraints, our business has managed to thrive as shown by our results in the past three quarters. Our turnover has been growing despite the recent streamlining of our business into core healthcare business. We have also grown our profit. We think we have done well enough, considering our circumstances.” -Okafor

It should be recalled that earlier this year, May & Baker’s food line was sold to Dufil Nigeria Limited for N775 million. Until the divestment, the company’s food line manufactured Mimee Noddles and contributed a small percentage of overall revenue.

The company seems to take dividends seriously

It should be noted that May & Baker Plc is one of those Nigerian companies that take dividend payments seriously.

For the financial year ended 31st December 2017, May & Baker paid a dividend of 20 kobo per share which indicated a 233.3% increase compared to 6.0 kobo paid for 2016.

The company’s Q3 financial performance 

Note that despite the supposed difficult year May & Baker has experienced in 2018, its unaudited third quarter 2018 financial statement shows a relatively positive performance.

Revenue decreased from N6.9 billion in Q3 2017 to N6.5 billion in Q3 2018. However, profit after tax for the first nine months in 2018 increased to N414.7 million compared to N218.5 million in Q3 2017.

Based on this performance, it is safe to forecast that May & Baker is on the right path to an overall positive performance by the end of full-year 2018.

In the meantime, the company is making effort to expand its operations. Just a few months ago, its shareholders were successfully wooed into subscribing to a  rights issue of 980 million ordinary shares of 50 kobo each at N2.50 per share.

May & Baker is a Nigerian drug manufacturing and merchandising company which was incorporated in 1944 and listed on the Nigerian Stock Exchange in 1994.

The company’s stock is currently trading at N2.45 on the Nigerian bourse.

Jaiz bank

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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