May & Baker returns to profit; billionaire Danjuma family remains controlling shareholder

May & Baker Nigeria Plc swung back to profit in the final quarter of 2025 as sales climbed, according to figures released Jan. 30.

The drugmaker said fourth quarter revenue rose to 8.74 billion naira from 7.08 billion naira a year earlier. Net profit for the quarter was 1.12 billion naira, reversing a loss of 114.6 million naira in the same period of 2024. Basic earnings were 65 kobo per share, compared with a 7 kobo loss per share a year ago. The company said the per share figures were from continuing operations, with diluted earnings matching basic earnings in both quarters.

Results for the full year ended Dec. 31, 2025 showed a sharper lift. Revenue reached 38.26 billion naira, up from 28.91 billion naira in 2024, while net profit increased to 4.46 billion naira from 1.62 billion naira. Basic and diluted earnings were 2.58 naira per share, nearly triple the prior year level, also reported as continuing operations.

May & Baker is a longtime name in Nigeria’s pharmaceutical market, producing medicines and vaccines and selling a small amount of packaged water under the Lily brand.

Investors often watch the company closely because of its ownership structure. The T. Y. Danjuma family, through investment vehicle T.Y. Holdings and related interests, are the controlling shareholders, holding 41.78% of the issued shares. Another substantial shareholder is Samuel Onyishi Maduka with 15.45%, based on the company’s free float disclosure.

May & Baker’s latest numbers cap a year in which many Nigerian companies reported strong top line growth while navigating a weaker currency and higher borrowing costs. Analysts typically look for whether price increases translate into durable margins and steady cash generation.

Shares of May & Baker trade on the Nigerian Exchange under the ticker MAYBAKER. The company reported about 1.73 billion shares outstanding and said its free float was 35.27% at year end in December.

(Billionaires Africa)