May and Baker Nigeria Plc has recorded profit of N473.577 million for the nine months financial result ended September 2019.
The amount represents a growth of N58.82 million or 14.18 per cent compared with N414.757 million reported the same period of last year.
The company third quarter scorecard released at the Nigerian Stock Exchange showed that profit before tax grew by N86.50 million to N696.437 million within the period under review.
A review of the company result showed that revenue declined to N5.914 billion from N6.540 billion recorded the comparable period of last year, Cost of sales also declined from N4.155 billion in the preceding year to N3.752 billion while gross profit down from N2.385 billion in the preceding year to N2.161 billion.
The result further showed that distribution, sales and marketing expenses declined to N756.561 million from N976.612 million, Operating profit went down from N908.628 million in the comparative period to N841.194 million within the period under review.
Administrative expenses rose from N536.981 million to N626.076 million at the end of September 2019.
The interest income stood at N32.621 million as at September this year while finance cost fell from N300.941 million to N175.904 million.
Total non current assets went to N4.885 billion from N3.708 billion while total current assets rose to N4.692 billion from N3.359 billion bringing total assets to N9.578 billion against N8.102 billion in the preceding year. Total liabilities fell from N4.484 billion to N4.020 billion at end September this year.
