May & Baker Shareholders Approve N690.09m Total Dividend for 2024
The shareholders of May & Baker Nigeria Plc have endorsed a total dividend of N690.09 million for the financial year ended Dec. 31, 2024 The shareholders gave the approval at the company’s 74th Annual General Meeting (AGM) on Thursday in Lagos. The dividend subject to the applicable withholding tax translated to 40k for every 50k share.
Speaking at the meeting, the Chairman, Board of Directors of the company, Sen. Daisy Danjuma, told the shareholders that the dividend would be applied to every shareholder whose name appeared in the register of members as at the close of business on May 20, 2025.
Danjuma said the company would continue to ensure payment of enhanced dividends in the years ahead. She, however, described the year under review as a tough and challenging one for most businesses in the country.
According to her, the exchange rate volatility continued and closed the year at N1,615/$, as big corporates continued to report high exchange losses on the stock exchange for the year ended Dec. 31, 2024.
“Despite the tough and challenging operating environment, our company still returned a good performance in the year under consideration. Our group revenue grew by 47 percent from N19.7 billion in 2023 to N28.9 billion in 2024.
“The gross profit grew by 29 percent from N6.6 billion in 2023 to N8.5 billion in 2024. Other operating income surged by 135 percent from N62.2 million in 2023 to N146.1 million in 2024.
“The group achieved a profit before tax (PBT) of N2.6 billion—a 69 percent growth over prior year PBT of N1.5 billion,” she said. On the future outlook, Danjuma said the company would strengthen its production capacity in its pharma plant in Ota by bringing in more machines and line equipment.
She added that in 2024, the company launched seven new products, which have since entered the market to improve the quality of life for consumers. The founder of the Independent Shareholders Association of Nigeria, Mr Sunny Nwosu, described the annual report as an “improved report” compared with the reports of previous years.
Nwosu urged the company to look inward to see how it could explore opportunities and enhance productivity while making efforts to check adulteration/faking of their products. “Fake drugs is not common to Nigeria, as it’s obtainable in other countries, including Europe,” he said. Nwosu urged the company to collaborate with the National Agency for Food and Drug Administration and Control (NAFDAC) to check fake drugs.
The National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie, appreciated the company for an improved report and dividend.
Okezie enjoined the company to look into contract drug production to boost revenue generation. Responding to some of the questions by the shareholders, the managing director of the company, Mr. Patrick Ajah, reiterated commitment of the company to product capacity development.
Ajah said the company was planning to bring in about seven machines targeted at improving product capacity. “As we speak, we have 21 new products we are working on; and about five of them are on register waiting for NAFDAC approval.
“On research, we are partnering with some universities where we encourage and sponsor students to go into research,” Ajah said. #May & Baker Shareholders Approve N690.09m Total Dividend for 2024
