May & Baker Nigeria Plc published its full-year 2025 unaudited results, reporting a profit before tax of N6.55 billion for the year, a significant improvement from the N2.57 billion recorded in 2024.
For the fourth quarter, the company posted a profit before tax of N1.64 billion, compared with a loss before tax of N168.46 million in Q4 2024, reflecting a strong year-on-year turnaround.
Across both the full-year and fourth-quarter performance, strong pharmaceutical sales, lower administrative expenses, and interest income supported the company’s bottom-line profitability.
This growth was also reflected in the company’s earnings per share, which rose to N2.58 from N0.93, indicating an improvement in shareholder returns.
Key Highlights (FY2025 vs FY2024)Â
- Revenue:Â N38.26 billion (up 32.38% YoY from N28.9 billion)
- Gross profit:Â N13.14Â billion (up 54.4% YoY from N8.51 billion)
- Operating profit:Â N6.53Â billion (up from N2.56 billion)
- Profit before tax:Â N6.55Â billion (up from N2.57 billion)
- Profit after tax:Â N4.45Â billion (up from N1.62 billion)
- Total assets:Â N25.61Â billion (up from N22.45Â billion)
- Retained earnings:Â N9.3Â billion (up from N5.6Â billion)
Driving the numbersÂ
Revenue for the year hit N38.2 billion, driven primarily by the pharmaceutical segment, which generated N37.77 billion or 98.72% and accounting for the vast majority of group turnover.
- The beverage segment contributed N489.45 million to total revenue, remaining a relatively small but steadily growing part of the business.
- After accounting for a cost of sales of N25.1 billion, gross profit stood at N13.1 billion, up 54.43% year on year.
- The company recorded other losses of N29.6 million and selling and marketing expenses of N3.9 billion but managed to trim administrative expenses to N2.6 billion, down from N2.8 billion.
As a result, operating profit more than doubled to N6.5 billion, up from N2.5 billion, reflecting healthy operational efficiency.
- Finance costs increased to N673.13 million from N370.11 million, but this was partly offset by a sharp rise in interest income to N711.57 million from N407.49 million, supported by higher bank interest.
- Consequently, pre-tax profit rose to N6.5 billion, up from N2.5 billion in 2024.
- On the balance sheet, total assets expanded to N25.6 billion from N22.4 billion. Cash and cash equivalents of N6.5 billion and property, plant, and equipment of N6.3 billion were the largest contributors.
Total equity also swelled to N13.6 billion from N9.8 billion, with retained earnings of N9.3 billion making up the bulk of the increase.
On the liabilities side, total obligations declined to N11.9 billion from N12.5 billion, as borrowings narrowed to N3.3 billion from N3.5 billion.
Market reactionÂ
May & Baker Nigeria Plc’s shares are currently priced at N43.45, delivering a month-to-date return of 24.14% in February 2026.
Year-to-date, the stock has surged 128.68%, likely driven by positive sentiment in the pharmaceutical sector and optimism around the company’s strong financial performance.
