May and Baker Nigeria Plc has made a profit before tax of N605.6m for the 2017 financial year as it continues its medium-term strategic plant.
The company in its results filed with the Nigerian Stock Exchange, had growths in its underlying fundamentals and the actual earnings figures.
Naija247news learnt that the company’s board of directors had thus recommended the distribution of N196m as cash dividend for the 2017 business year.
This stands for a dividend per share of 20 kobo.
It was gathered that the recommended dividend payout for 2017 signifies a rise of 233.3 per cent on the payout for the 2016 business year.
Also, May and Baker had distributed N58.8m as cash dividend for the 2016 business year, with shareholders getting a dividend per share of six kobo.
Highlights of the report showed that turnover rose by 10.39 per cent from N8.47bn in 2016 to N9.35bn in 2017. Gross profit grew by 29.13 per cent to N3.28bn in 2017 as against N2.54bn in 2016.
Operating profit appreciated by 51.04 per cent from N820.87m to N1.24bn in 2017. Profit before tax also rose by 75.07 per cent from N345.94m in 2016 to N605.62m in 2017.
After taxes, net profit stood at N370.87m in 2017, compared with net loss after tax of N41.09m recorded in 2016. Shareholders’ funds also rose by 10.3 per cent from N3.01bn in 2016 to N3.32bn in 2017.
Gross profit margin grew by over five percentage points to 35.08 per cent in 2017 compared with 29.99 per cent in 2016.
Also, operating margin increased from 9.69 per cent in 2016 to 13.26 per cent in 2017.
Pre-tax profit margin, which underlines the profitability of the company, also increased from 4.09 per cent in 2016 to 6.48 per cent in 2017.