Focus: May & Baker And Its Unimpressive 2019 Financial Results

May & Baker didn't experience an impressive outing last year after its Group and Company revenue, as well as gross profit, declined compared to the corresponding period of 2018, the company's consolidated statements for the year ended December 31, 2019, has shown. According to the result seen by Allnews, May & Baker's company revenue dropped to N7.6 billion in 2019 period, from the N8.2 billion recorded in 2018.

Aside from the company's result dropping, May & Baker Group result also took a nosedive after grossing N8.08 billion within the period under review. This is a drop when compared to the Group's revenue of the corresponding period which was pegged at N8.5 billion. The revenue declined at the same period May & Baker reduced its cost of sales.

The cost of sales for May & Baker Group had dropped to N5.1 billion for the year ended December 31, 2019, from N5.3 billion in the corresponding period, while the Company cost of sales also dropped from N5.2 billion recorded the previous year to N4.9 billion recorded in 2019.

The drop in revenue led to a decline in gross profit despite the reduction of cost of sales. May & Baker Group posted a gross profit of N2.9 billion last year, indicating a drop from the N3.1 billion gross profit of year-end 2018. The Company gross profit followed the same path, having dropped from N3 billion of 2018 to N2.7 billion last year.

Meanwhile, the profit before tax of the Group escaped the drop, increasing from N817 million in year-end 2018 to N900 million in year-end December 31, 2019. The company's PBT also grew from N849 million of 2018 to N894 million in 2019. The Pharmaceutical company, however, made up for the revenue drop with its profit for the year which recorded growth.

According to the financial statement, May & Baker Group grew its Profit for the year after recording N716 million in 2019, surpassing the N585 million of 2019. The Company's profit for the year also climbed from N617 million of 2018 to N710 million in the year ended December 31, 2019.