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 12 months earlier.
The pharmaceutical and shopper merchandise producer recorded greater income and profit after tax in the course of the interval, whereas its borrowings declined 12 months on 12 months.
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 in the course of the first 9 months of 2026. The firm operates pharmaceutical and beverage segments, with prescription drugs accounting for the overwhelming majority of reported section income.
The section 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 section remained significantly smaller.
- Profitability improved extra shortly 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 12 months earlier.
- The mixture of upper finance revenue and decrease finance prices supported the corporate’s earnings efficiency.
The steadiness sheet exhibits a big growth in inventories, which elevated to N9.71 billion in September 2026 from N5.35 billion a 12 months earlier.
- Trade and different payables additionally rose to N7.73 billion from N3.20 billion over the identical interval. These actions are vital as a result of stock development ties up working capital, whereas greater payables characterize quantities owed to suppliers and different collectors.
- Borrowings declined to N3.25 billion from N6.42 billion in September 2025, lowering the corporate’s reported debt burden. At the identical time, property, plant and tools elevated to N7.67 billion from N6.37 billion, according to a bigger reported asset base.
Cash movement 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 tools in the course of the 9 months, in contrast with N1.01 billion a 12 months 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 in the course of the interval, ending September at N7.16 billion.
Overall, the monetary statements present stronger earnings, improved working money movement and decrease borrowings. Investors will nonetheless want to monitor stock accumulation, provider liabilities and the corporate’s means to maintain earnings development whereas funding its operational and funding necessities.
Balance Sheet
On the steadiness 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 12 months earlier.
Total belongings rose to N34.46 billion, up 33.80% from N25.75 billion in September 2025, whereas money steadiness elevated to N7.16 billion, up 32.36% from N5.42 billion in September 2025.
Market response
The monetary statements file a share value 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.
