Prime Business Africa
May & Baker Nigeria recorded N29.52 billion revenue in the first nine months of 2025, compared to the N21.82 billion turnover reached in the same period in 2024, representing a 35.30 percent growth.
The drug manufacturer said it spent N19.41 billion on production costs between January and September of this year, rising by 28.88 percent compared to the N15.06 billion expended in the corresponding period of 2024.
Join our WhatsApp ChannelThis resulted in a 49.59 percent growth in gross profit, which increased to N10.11 billion between the first quarter (Q1) and third quarter (Q3) of this year, surpassing the previous year’s N6.75 billion.
Similarly, distribution, sales and marketing expenses increased by 39.52 percent year-on-year, from N2.21 billion to N3.08 billion, and administrative expenses grew by 24.32 percent, from N1.54 billion to N1.92 billion.
The company said it wrapped up the period under review with N5.07 billion operating profit, which increased by 75.75 percent when compared to the N2.88 billion posted between Q1 and Q3 2024.
Also, May & Baker’s bottom line was boosted by a 61.39 percent increase in interest income, as the company recorded N412.84 million in the first nine months of this year, compared to the N255.79 million posted in the year before.
In addition, May & Baker posted N541,65 million as finance costs between January and September 2025, surpassing the N360.70 million incurred in the same period in 2024, indicating a 50.16 percent increase.
May & Baker added that profit before tax (PBT) increased by 77.04 percent year-on-year, from N2.77 billion to N4.91 billion.
As a result, the company’s tax expense increased by 77.04 percent to N1.57 billion between Q1 and Q3 of this year, from the N888.41 million recorded as taxes for the same period last year.
Despite the surge in tax expense, May & Baker still notched up a 77.04 percent growth in profit after tax (PAT), which increased to N3.34 billion between Q1 and Q3 2025, from the previous year’s N1.88 billion.
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