May & Baker Nigeria Plc reported a profit earlier than tax of N8.92 billion for the 9 months ended September 2026, representing a rise of 81.5% from N4.92 billion within the corresponding interval of 2025.
In the third quarter, pre-tax profit rose to N4.07 billion from N1.70 billion a yr earlier.
The pharmaceutical and shopper merchandise producer recorded larger income and profit after tax throughout the interval, whereas its borrowings declined yr on yr.
However, rising stock ranges and elevated commerce payables have been notable balance-sheet actions, whereas money generated from operations improved in contrast with the corresponding interval of 2025.
Key Highlights
- Revenue: N30.97 billion (Up 4.89% YoY from N29.53 billion).
- Pre-tax profit: N8.92 billion (Up 81.53% YoY from N4.92 billion).
- Profit after tax: N5.89 billion (Up 76.19% YoY from N3.34 billion).
- Earnings per share (EPS): 341.33 kobo (Up 76.19% YoY from 193.73 kobo).
Driving the numbers
May & Baker’s income elevated by 4.89% to N30.97 billion throughout the first 9 months of 2026. The firm operates pharmaceutical and beverage segments, with prescribed drugs accounting for the overwhelming majority of reported phase income.
The phase disclosure lists pharmaceutical income of N30.87 billion and beverage income of N632.21 million for the nine-month interval.
Pharmaceuticals subsequently represented the dominant contributor to the corporate’s enterprise exercise, whereas the beverage phase remained significantly smaller.
- Profitability improved extra rapidly than income. Profit earlier than tax elevated by 81.53% to N8.92 billion, whereas profit after tax rose by 76.19% to N5.89 billion.
- The stronger development in earnings relative to gross sales signifies an enchancment in reported profitability.
- Finance revenue was N861.93 million for the nine-month interval, in contrast with N412.84 million within the corresponding interval of 2025.
- The firm’s notes state that this revenue was earned on short-term investments, together with fastened deposits with industrial banks. Finance prices have been N368.47 million, in contrast with N541.65 million a yr earlier.
- The mixture of upper finance revenue and decrease finance prices supported the corporate’s earnings efficiency.
The stability sheet reveals a big growth in inventories, which elevated to N9.71 billion in September 2026 from N5.35 billion a yr earlier.
- Trade and different payables additionally rose to N7.73 billion from N3.20 billion over the identical interval. These actions are essential as a result of stock development ties up working capital, whereas larger payables characterize quantities owed to suppliers and different collectors.
- Borrowings declined to N3.25 billion from N6.42 billion in September 2025, decreasing the corporate’s reported debt burden. At the identical time, property, plant and gear elevated to N7.67 billion from N6.37 billion, according to a bigger reported asset base.
Cash circulation offers an extra indication of the corporate’s monetary place. Net money from working actions elevated to N5.25 billion from N2.13 billion within the corresponding interval of 2025.
- The enchancment suggests stronger working money era, though the substantial improve in stock and payables stays related to assessing the standard and sustainability of working-capital administration.
- The firm spent N2.04 billion on property, plant and gear throughout the 9 months, in contrast with N1.01 billion a yr earlier. Net money utilized in investing actions was N1.14 billion, whereas financing actions used N3.52 billion, together with N862.62 million in dividends paid.
- Cash and money equivalents consequently elevated by N589.19 million throughout the interval, ending September at N7.16 billion.
Overall, the monetary statements present stronger earnings, improved working money circulation and decrease borrowings. Investors will however want to monitor stock accumulation, provider liabilities and the corporate’s capacity to maintain earnings development whereas funding its operational and funding necessities.
Balance Sheet
On the stability sheet, complete exterior debt dropped to N3.25 billion as of September 2026, comprising N1.57 billion in present borrowings and N1.68 billion in non-current borrowings. This was down 49.34% from N6.42 billion a yr earlier.
Total belongings rose to N34.46 billion, up 33.80% from N25.75 billion in September 2025, whereas money stability elevated to N7.16 billion, up 32.36% from N5.42 billion in September 2025.
Market response
The monetary statements report a share worth of N39.20 as at 30 September 2026, in contrast with N16.30 as at 30 September 2025.
This represents a year-on-year improve of roughly 140.49% between the 2 reporting dates.
