May & Baker Nigeria Plc’s Q1 2024 Revenue Surges Over 50%


In the first quarter of 2024, May & Baker Nigeria Plc demonstrated impressive growth, as revealed in the latest report by Cowry Research. The company’s revenue skyrocketed by 51.16% compared to the same period in the previous year, reaching N6.42 billion. This substantial increase was attributed to various strategic initiatives and market expansion efforts implemented by the company.

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Despite the surge in revenue, May & Baker managed its cost of sales effectively, registering a 31.97% increase. Consequently, the gross profit saw a remarkable rise of 103.16%, reaching N2.33 billion. This boost in profitability was reflected in the gross margin, which improved to 36.2% from 27.0% in Q1 2023.

Operating performance also saw significant enhancement, with operating margin expanding to 15.8% compared to 10.5% in the same period last year. The net profit margin stood at 10.2%, indicating efficient cost management and operational effectiveness.

Moreover, May & Baker Nigeria Plc reported a surge in profit before tax, soaring by 130.42% to N963.86 million. This impressive growth in profitability translated to basic earnings per share of N0.38, marking a substantial increase of 130.38% compared to Q1 2023.

The company’s balance sheet also reflected positive trends, with total assets increasing by 20.35% to N22.89 billion. Total shareholders’ equity rose by 10.74% to N9.45 billion, indicating strengthened financial stability.

Overall, May & Baker Nigeria Plc’s performance in the first quarter of 2024 underscores its resilience and ability to capitalize on market opportunities, positioning the company for sustained growth and value creation in the coming quarters.

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OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

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