Pharmaceutical manufacturing company, May & Baker Nigeria, has recorded 38 per cent growth in its revenue from N10.5 billion in the first nine months of 2022 to N14.3bn in the corresponding period of 2023, despite macroeconomic challenges.
The managing director, Patrick Ajah, who disclosed this during a media luncheon in Lagos, however said, “This performance was however severely impacted by huge losses due to the floating of the naira.
“You may have noticed that our reported figure for PBT at the end of Q3 was less than N1bn. This was a result of the impact of the projected forex loss of more than N800m. This to me was an avoidable economic disruption.”
Describing 2023 as one of the most challenging years in its operational history, he said the naira redesign policy and cash withdrawal limit by the Central Bank of Nigeria (CBN), created interruptions in economic operations and widespread hardship in the first two months of the year.
- Christmas: Emulate Christ, strive for peace, unity, IPCR charges Nigerians
- Bandits free 18 victims abducted from Dei-Dei, Mpape communities in FCT
While noting that May & Baker is making investments towards new product developments across a broad range of therapeutic areas, he sought the intervention of the federal government to make the importation of drug manufacturing machines duty-free as well as the removal of customs tariff on some medical products so as to import them at a lesser cost.
Ajah said the measures would encourage pharmaceutical companies operating in the country.
“I did mention we are going to launch seven. We actually have in our pipeline over 20 products but you know, it’s not easy to register all of them with the National Agency for Food and Drug Administration and Control (NAFDAC).
“So, we already have like seven that are concluded that we can launch next year and a whole lot of other things,” he said.
Ajah said the company’s herbal plant dedicated to the manufacturing of herbal products got a boost with the completion of NAFDAC registration of its bitter leaf capsule product – Roveda.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
