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May & Baker Doubles Net Earnings To N418m

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16 years ago

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May & Baker Nigeria Plc recorded significant growths in sales and profitability in 2008 with net earnings rising by 101 percent to N418 million.

Key extracts of the audited report and accounts of May & Baker Nigeria for the year ended December 30, 2008 released at the weekend showed that turnover rose by 40 per cent to N5.44 billion in 2008 as against N3.86 billion in 2007.

The report showed that net earnings doubled from N208.3 million in 2007 to N418 million in 2008. The board of the company has however decided to distribute N280 million as cash dividends for the 2008 business year. The company however had dipped into reserves to partly finance payouts for the 2007 business year.

Directors of the healthcare company said they have recommended a dividend per share of 40 kobo for the 2008 business year. May & Baker had increased cash payout by 33 per cent from 30 kobo per share distributed for 2006 business year to 40 kobo for the 2007 business year.

Mr Joseph Odumodu, managing director, May & Baker Nigeria Plc, recently said the company has adopted a new vision to be among the top 10 conglomerates in Nigeria by 2020.

He said the company has decided to grow its pharmaceutical business significantly with a turnover target of 3.4 billion in order to ensure t hat its various businesses are in good positions to contribute maximally to the overall turnover.

Segmental profit analysis showed that the pharmaceutical business was the highest contributor to profitability.

Gross profit margin in the pharmaceutical business stood at about 49 per cent in 2007. Compared with 19 per cent and 27 per cent in the food business and water business respectively.

He noted that although the top 10 vision might be challenging, the company would work with all stakeholders to achieve this top position.

May & Baker had also witnessed major jump in sales in 2007 as the gains of recent diversification begin to impact on the overall performance of the company.

Audited report and accounts of May & Baker Nigeria for the year ended December 31, 2007 showed substantial growths in sales and profitability, which trickled into better returns to shareholders.

However, high cost of operations has continued to moderate strong growth in the top-line. This has also undermined the company’s underlying performance strength, with last audited report showing key indices of the downside.

Total turnover rose by 71 per cent in 2007 to N3.86 billion as against an increase of 13 per cent to N2.25 billion in 2006. Profit before tax stood at N398.1 million in 2007 compared with N266.2 million in 2006, representing an increase of about 50 per cent.

However with 24.7 per cent rise in tax provisions from N54.72 million in 2006 to N189.76 million in 2007, net earning melted to N208.32 million in 2007 compared with N211.47 million in 2006.

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NIMASA Commits To Creating Enabling Environment For Maritime Business 

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7 days ago

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March 5, 2025

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The Nigerian Maritime Administration and Safety Agency (NIMASA) has affirmed that it is taking strategic steps to enhance local participation and encourage investment in the maritime sector under the supervision of the Ministry of Marine and Blue Economy.
The Director General of NIMASA, Dr. Dayo Mobereola, who disclosed this recently while receiving the Executive Members of the Nigerian Merchant Navy Officers and Water Transport Senior Staff Association, reaffirmed the Agency’s  commitment to fostering a level playing field and creating an enabling environment for businesses in Nigeria’s maritime sector.
Dr. Mobereola revealed that NIMASA is deepening its collaboration with the Nigerian Content Development and Monitoring Board (NCDMB) to explore policies that will boost indigenous involvement and strengthen Nigeria’s maritime sector.
“The Honourable Minister of Marine and Blue Economy is committed to encouraging indigenous players to invest more in Nigeria’s maritime industry. Issues such as national carriers and trade terms remain top priorities under this administration.
“Our focus is to create an enabling environment where private investors can thrive. In this regard, we have initiated discussions with the NCDMB and NNPC Limited to address these critical matters”, he stated.
He said NIMASA remains committed to fostering strategic partnerships that will enhance local investment, create jobs, and drive sustainable growth in the maritime sector.
In response, Comrade John Aleakhue Okpono, Secretary General of the Merchant Navy Officers and Water Transport Senior Staff Association, emphasized the need for closer collaboration between NIMASA and the Merchant Navy.
He also urged the Agency to review waiver clauses to ensure more opportunities for Nigerian seafarers.
Stories by Nkpemenyie Mcdominic, Lagos
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FG Inaugurates Special Committee Against Boat Accident 

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7 days ago

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March 5, 2025

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Towards enhancing safety on Nigeria’s inland waterways, the Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria.
According to a statement on by the spokesman, National Inland Waterways Authority (NIWA), Suleiman Makama, the event, which was held at the Ministry’s Conference Room in Abuja, confirmed crucial steps taken to address the recurring challenges of boat accidents across the country.
In his address, the Honourable Minister emphasized the urgent need to stem the tide of tragic boat mishaps, which have resulted in significant loss of lives and properties.
He described the country’s waterways as vital to commerce, transportation, and livelihoods, stressing that their safety and efficiency are paramount to the development of Nigeria’s blue economy.
He noted that the establishment of this committee aligns with the 2024 International World Maritime Day theme, “Navigating the Future: Safety First”.
“The task before us is daunting, but with unwavering commitment, we can eliminate boat mishaps and ensure that our waterways remain safe, navigable, and prosperous for generations to come”, Oyetola stated.
The committee comprises key stakeholders, including state government representatives, the Association of Boat Operators in Nigeria, marine safety experts, and academics.
It will be chaired by the Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, while Mr. Adams Offie, Deputy Director of Inland Waterways at the Ministry, will serve as Secretary.
The committee is tasked with conducting an in-depth review of commercial boat operations in Nigeria, identifying the root causes of boat mishaps, and proposing sustainable solutions.
In his acceptance speech on behalf of the committee, Oyebamiji assured the Minister on the dedication of members to deliver on the assignment.
He emphasized that safety on Nigeria’s inland waterways is non-negotiable, adding that NIWA, under the leadership of the Honourable Minister, has been refocused to uphold its mandate without compromise.
Acknowledging the Honourable Minister of Marine and Blue Economy for his proactive leadership, Oyebamiji noted that the establishment of the committee represents a critical step in addressing the persistent safety challenges in inland water transport.
“This is another solution-driven initiative aimed at eliminating boat mishaps on our waterways. I assure you that the confidence reposed in this committee will not be misplaced.
“At NIWA, this is an opportunity for us to intensify our efforts in reducing marine accidents to the barest minimum. On behalf of my fellow committee members, we pledge to work diligently and with utmost focus on the assigned terms of reference.
“Safety on our inland waterways is non-negotiable. NIWA has been refocused to ensure the highest safety standards, and this committee will work diligently to address the causes of boat mishaps and find lasting solutions,” Oyebamiji said.
The committee has been tasked with evaluating the root causes of boat accidents and recommending lasting solutions to enhance safety and operational standards.
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LASG Arrests Illegal Dredgers  … Issues Stop Work Order

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7 days ago

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March 5, 2025

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The Lagos State Government, through the Ministry of Waterfront Infrastructure Development, has launched a massive clampdown on illegal dredgers operating in the State, ordering them to stop work immediately.
This exercise, which was carried out by the officials of the Ministry of Waterfront Infrastructure Development, is aimed at curbing environmental degradation and promoting sustainable development across the waterfront schemes located across the coastal regions of the metropolis.
According to a statement, the enforcement operation, led by the Commissioner for Waterfront Infrastructure Development, Hon. Ekundayo Alebiosu, alongside members of his team, raided several illegal dredging sites which were subsequently shut down by the officials of the Ministry.
Some suspected dredging operators were arrested and a stop-work order was served on erring dredgers for non-compliance with laid-down regulations of the State Government.
Alebiosu warned the operators that failure to comply with extant laws guiding dredging activities could have dire effects and will result in severe penalties, including total closure of the sites.
Reacting to the claim that Dredgers are the major cause of environmental degradation in the state, including erosion and flooding, the Commissioner emphasised the need for dredging activities to be conducted lawfully to preserve roads, public infrastructure, and wetlands.
He explained that the State Government has vowed to streamline the activities of dredgers in the state to meet acceptable international standards.
“The Lagos State Government’s clampdown on illegal dredgers is a significant step towards protecting the environment and promoting sustainable development in the state.
“We will continue to carry out surveillance and raids across the coastal areas to ensure that the activities of a few don’t impact the lives of law-abiding citizens negatively”, Alebiosu stated.
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