May & Baker Nigeria Plc recorded a pre-tax profit of N8.92 billion for the nine months ended September 2026, an 81.5% increase from N4.92 billion in the corresponding period of 2025. Pre-tax profit for the third quarter rose to N4.07 billion from N1.70 billion a year earlier.
Revenue climbed 4.89% to N30.97 billion from N29.53 billion. The pharmaceutical segment contributed N30.87 billion of the nine-month revenue, while the beverage segment generated N632.21 million.
Key figures for the period include:
- Revenue: N30.97 billion (up 4.89% from N29.53 billion) - Pre-tax profit: N8.92 billion (up 81.53% from N4.92 billion) - Profit after tax: N5.89 billion (up 76.19% from N3.34 billion) - Earnings per share: 341.33 kobo (up 76.19% from 193.73 kobo)
Earnings expanded more quickly than sales, helped by higher finance income and lower finance costs. Finance income reached N861.93 million, up from N412.84 million, and was earned on short-term investments including fixed deposits with commercial banks. Finance costs declined to N368.47 million from N541.65 million.
On the balance sheet, inventories increased to N9.71 billion from N5.35 billion, while trade and other payables rose to N7.73 billion from N3.20 billion. Borrowings fell 49.34% to N3.25 billion from N6.42 billion. Total assets grew 33.80% to N34.46 billion from N25.75 billion, and cash and cash equivalents rose 32.36% to N7.16 billion from N5.42 billion.
Net cash from operating activities improved to N5.25 billion from N2.13 billion. Capital expenditure on property, plant and equipment was N2.04 billion, up from N1.01 billion. Net cash used in investing activities stood at N1.14 billion, while financing activities used N3.52 billion, including N862.62 million in dividends paid. Cash and cash equivalents increased by N589.19 million during the period.
Total external debt comprised N1.57 billion in current borrowings and N1.68 billion in non-current borrowings as of September 2026.
The financial statements record a share price of N39.20 as at 30 September 2026, compared with N16.30 a year earlier, representing an increase of about 140.49% between the two reporting dates.
