KEY POINTS

• May & Baker Nigeria Plc returned to profit in Q4 2025, recording net earnings of 1.12 billion naira after a prior year loss.

• Full-year revenue rose to 38.26 billion naira with net profit surging to 4.46 billion naira, nearly tripling 2024 figures.

• TY Danjuma family retains controlling stake at 41.78 per cent, with investors closely monitoring sustained growth amid macroeconomic challenges.

May & Baker Nigeria Plc posted a robust return to profitability in the final quarter of 2025, as revenue growth helped the pharmaceutical company recover from the previous year’s losses.

According to figures released on 30 January, fourth-quarter revenue rose to 8.74 billion naira, up from 7.08 billion naira in the same period of 2024.

The company recorded a net profit of 1.12 billion naira, a sharp turnaround from the 114.6 million naira loss reported in the fourth quarter of 2024. Basic earnings per share stood at 65 kobo, compared with a 7 kobo loss per share a year ago.

For the full year ended 31 December 2025, May & Baker achieved even stronger results. Annual revenue climbed to 38.26 billion naira, an increase from 28.91 billion naira in 2024, while net profit surged to 4.46 billion naira from 1.62 billion naira.

Basic and diluted earnings per share rose to 2.58 naira, nearly tripling the previous year’s figure. The company attributes its recovery to increased sales, efficient operations, and steady demand for its pharmaceutical products and vaccines.

Ownership Structure Remains Firm as Analysts Watch Market Trends

The TY Danjuma family, through their investment vehicle TY Holdings and related interests, remains the controlling shareholder of May & Baker, holding 41.78 per cent of the company’s issued shares. Another significant shareholder is Samuel Onyishi Maduka, with a 15.45 per cent stake, while the free float accounts for 35.27 per cent of shares.

May & Baker has long been a prominent name in Nigeria’s pharmaceutical sector, producing medicines, vaccines, and packaged water under the Lily brand. Analysts note that the company’s performance caps a year in which many Nigerian businesses reported solid revenue growth despite challenges posed by currency depreciation and higher borrowing costs.

Investors are closely monitoring whether top-line growth will translate into sustained margins and reliable cash generation. Shares of May & Baker are traded on the Nigerian Exchange under the ticker MAYBAKER, with approximately 1.73 billion shares outstanding