Shareholders of May & Baker Nigeria Plc have approved a N517 million dividend, representing 30 kobo per share for the year ended December 31, 2020.
The shareholders gave their approval at the company’s 70th annual general meeting (AGM) in Lagos.
Speaking during the meeting, the chairman, senator Daisy Danjuma, said despite the very challenging operating environment in the business year under review, the company recorded growth in both turnover and profit.
The company, in the period under review, made a 16 per cent growth in revenue from N8 billion in 2019 to N9.4 billion in 2020 and achieved a gross profit growth of 30 per cent from N2.9billion to N3.8 billion. Profit before tax grew by 39 per cent from N901 million in 2019 to N1.2 billion in 2020.
According to Danjuma, the company made efforts to curtail the rising cost of doing business in the country but the hyper-inflation prevalent in the economy, combined with forex scarcity increased the cost of operations.
Also speaking, managing director/chief executive officer of the company, Mr. Patrick Ajahi, said the year 2020 was one of the most challenging periods.
He said the company’s growth strategies showed commendable resilience and continued to gain traction, adding that these were pointers to its general operating efficiency and indication that its strategies were in the right direction.
He further said: “We shall continue on this growth trajectory as we hope to accomplish more audacious goals in the current business year.”
Responding to the performance of the company, shareholders praised the company for the steady growth in dividend paid yearly.
A shareholder, Sir Sunny Nwosu, commended the board and the management of the pharmaceutical company for their performance.