During the nine months period ended September 2020, May & Baker's revenue from its beverage products declined by -16.7% under Chief Executive Officer, Nnamdi Okafor, as total revenue for May & Baker hit NGN2.3 billion.
According to May & Baker's earnings report, AllNews gathered that beverage revenue reached NGN47.30 million in nine months of 2020, lower than the NGN56.79 million generated from the segment in nine months of 2019.
While the beverage revenue dropped, earnings from the Pharmaceutical segment prevented the total revenue was nosediving, as it rose to NGN6.39 billion in the nine months ended September 2020, surpassing the NGN5.85 billion revenue generated from the line in the same period last year.
This pushed the total revenue of May & Baker to NGN6,43 billion in the nine months period this year, higher than the NGN5,91 billion reported as total revenue in the corresponding period of 2019. Note that May & Baker is the manufacturer of M&B brand, anti-malaria and cough & cold products.
During the third quarter period of 2020, the Pharmaceutical reported that it generated revenue of NGN2.36 billion, higher than the NGN1.85 billion generated in the corresponding period of 2019 third quarter.
In the same vein, May & Baker reported that Operating Profit rose as well, with the company recording NGN448.3 million during the three months of Q3 this year, rising above the NGN340.9 million May & Baker reported for the corresponding period of 2019 Q3.
Also, the company reported that it recorded growth in its Profit After Tax for the period under review, posting NGN242.8 million in the third quarter of this year, surpassing the NGN187.2 million disclosed as Profit After Tax for 2019 Q3.
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