May & Baker Nigeria Plc says it has invested additional capital of N1.86bn raised recently in a right issue in its business to create enhanced opportunities for sustained growth and boos shareholder returns.

The Chairman of the company, Lt.-Gen. Theophilus Danjuma (retd), said the company had committed N541.3m to construct a dedicated plant for one of its major products and invested additional N437.2m in Biovaccines Nigeria Limited, a joint venture with the Federal Government.

“Shareholders should expect improved results from the business this year and beyond,” Danjuma said while addressing shareholders at the company’s Annual General Meeting in Lagos.

He noted that despite the discontinuation of some key products due to industry-wide regulatory directives and sale of its noodles business, the company had continued to grow its revenue through aggressive new product introductions and promotion of existing products.

According to him, as part of new strategic initiatives, the company is investing in key therapeutic areas such as sickle cell anemia and a number of new pharma, nutraceutical and herbal products.

He said the company had signed four Memoranda of Understanding with the Federal Ministries of Health and Science and Technology to produce and commercialise a sickle cell drug and nutraceutical products developed by the National Institute for Pharmaceutical Research and Development and the Federal Institute of Industrial Research, Oshodi.

“The investment attraction of our company lies in the future as we continue to drive our growth and expansion strategies. Our strategic investments and growth initiatives in our core competence area, healthcare, will boost returns in the years ahead. I encourage you to maintain faith and optimism in the prospects of our company,” Danjuma said.

The Managing Director, May & Baker Nigeria, Mr Nnamdi Okafor, assured shareholders that the management remained committed to sustaining the company’s growth.

He said the continuing improvement in the underlying fundamentals of the company underscored the success of management’s tight cost control measures.

Shareholders, at the AGM, approved the payment of N345.05m, as cash dividend for the 2018 business year, up from N196m in 2017.

& Baker Nigeria Plc says it has invested additional capital of N1.86bn raised recently in a right issue in its business to create enhanced opportunities for sustained growth and boos shareholder returns.

The Chairman of the company, Lt.-Gen. Theophilus Danjuma (retd), said the company had committed N541.3m to construct a dedicated plant for one of its major products and invested additional N437.2m in Biovaccines Nigeria Limited, a joint venture with the Federal Government.

“Shareholders should expect improved results from the business this year and beyond,” Danjuma said while addressing shareholders at the company’s Annual General Meeting in Lagos.

He noted that despite the discontinuation of some key products due to industry-wide regulatory directives and sale of its noodles business, the company had continued to grow its revenue through aggressive new product introductions and promotion of existing products.

According to him, as part of new strategic initiatives, the company is investing in key therapeutic areas such as sickle cell anemia and a number of new pharma, nutraceutical and herbal products.

He said the company had signed four Memoranda of Understanding with the Federal Ministries of Health and Science and Technology to produce and commercialise a sickle cell drug and nutraceutical products developed by the National Institute for Pharmaceutical Research and Development and the Federal Institute of Industrial Research, Oshodi.

“The investment attraction of our company lies in the future as we continue to drive our growth and expansion strategies. Our strategic investments and growth initiatives in our core competence area, healthcare, will boost returns in the years ahead. I encourage you to maintain faith and optimism in the prospects of our company,” Danjuma said.

The Managing Director, May & Baker Nigeria, Mr Nnamdi Okafor, assured shareholders that the management remained committed to sustaining the company’s growth.

He said the continuing improvement in the underlying fundamentals of the company underscored the success of management’s tight cost control measures.

Shareholders, at the AGM, approved the payment of N345.05m, as cash dividend for the 2018 business year, up from N196m in 2017.