May and Baker Nigeria Plc has said its profit from continuing operations rose by 34.69 percent to N964.56 million in 2020, compared to the previous year.
The pharmaceutical company reported a profit before income tax of N1.25 billion last year, up from N900.59 million in 2019.
Its revenue grew to N9.39 billion in 2020 from N8.08 billion a year earlier, according to its financial statements released on Monday.
The company said, “In the past three years, the business has maintained good profitability indices and we believe that we have the opportunity to maintain the trend.
“We are working at reducing the cost of products through investments in backward integration along our supply chain. We are also taking advantage of all opportunities presented at this time including reduced cost of financing through the CBN intervention funds while managing our overheads and administrative costs.”