.CEO decries recent policies, asks govt to intervene in the manufacturing sector
ARINZE NWAFOR, Lagos
Chief Executive Officer (CEO), Patrick Ajah, has reported that May & Baker grew its revenue to N14.3 billion, is set to roll out a new nature-based product in 2023 and appealed to the Federal Government to intervene in the manufacturing sector.
Ajah, on Thursday, noted that the pharmaceutical company’s revenue – covering operations from January to September – represented a 38 per cent cumulative growth on the top line from the N10.5 billion it made in 2022 under the same period.
“A challenging year,” Ajah said with reference to the company’s operations in 2023 and pointing to how May & Baker had a “brilliant performance [but] was however severely impacted by huge losses due to the floating of the Naira.”
According to Ajah, May & Baker reported that its profit before tax (PBT) at the end of the third quarter of 2023 was less than N1 billion because of the “impact of the projected foreign exchange loss of more than N800 million.”
Faulting the Naira redesign in addition to the Naira float, the May & Baker CEO appealed to the government to intervene as “the manufacturing sector which should be the driver of the economy is being decimated by the(ese) policies.”
Ajah said that he is confident that May & Baker will be able to recover the losses and potentially meet the budgeted PBT.
He said the company implemented cost-saving techniques that helped it mitigate rising costs, grow its staff strength and not have to relieve anyone of their job in the year.
The May & Baker CEO said the company is working to introduce seven new products in 2024, including ‘Roveda’, a bitter leaf capsule under its Naturecare products.
“This is in line with our commitment to partnering with our Research Institutions and encouraging local research and development, using the wealth of human and natural resources,” Ajah said.
The May & Baker CEO credited an Edo state-based university professor with coming up with the research that facilitated the bitter leaf capsule and said he wanted more Nigerian professors and researchers to discover more products.
