Prime Business AfricaMay and Baker generated N9.50 billion revenue in the first quarter (Q1) of 2025, compared to the N6.42 billion recorded in Q1 2024, reflecting an increase of 48.02 percent.
Also, the company’s cost of sales grew at a similar rate, rising by 46.92 percent year-on-year, from N4.09 billion to N6.01 billion, leaving May and Baker with N3.49 billion gross profit in Q1 2025, compared to the N2.32 billion reported in Q1 2024.
Join our WhatsApp ChannelMay and Baker also reported that it recorded other operating income of N127.04 million in Q1 2025, against the other operating loss of N34.45 million recorded in the same period last year.
The company further revealed that operating profit grew by 79.18 percent to N1.82 billion in the first quarter of this year, compared to N1.01 billion posted in Q1 2024.
Similarly, May and Baker posted a 72.65 percent year-on-year increase in interest income, which rose from N42.59 million to N73.53 million, while finance costs grew by 118.67 percent from N91.82 million to N200.79 million.
Also, the drug manufacturer reported a N1,68 billion profit before tax (PBT) at the end of the period under review, compared to the N963,86 million PBT recorded in Q1 2024, reflecting a 74.82 percent growth.
During the first quarter, May and Baker filed income tax of N539.23 million, against the N308.43 million posted in Q1 2024, indicating an increase of 74.82 percent.
Profit after tax (PAT) followed the same path, as May and Baker reported a 74.82 percent year-on-year growth, after net income grew from N655.42 million to N1.14 billion.
Profit for the year
The company added that total assets increased by 15.26 percent to N26.38 billion at the end of the first quarter this year, rising from N22.89 billion reported at the end of last year.
In the same vein, total liabilities increased from N13,44 billion in Q1 2024 to N15,34 billion in Q1 2025, indicating an increase of 14.12 percent.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
