By Oluwafunke Ishola
The shareholders of May & Baker Nigeria Plc have approved a total dividend of N517.57 million for the financial year ended Dec. 31, 2022.
The News Agency of Nigeria (NAN) reports that the shareholders gave the approval at the company’s 72nd Annual General Meeting (AGM) on Thursday in Lagos.
The dividend subject to the applicable withholding tax translated to 30k for every 50k share.
Speaking at the meeting, the Chairman, Board of Directors, Sen. Daisy Danjuma, said the company turned in a good performance despite the tough and challenging operating environment.
Danjuma said the company revenue rose by 20 per cent to N14.3 billion in 2022 from N11.9 billion in 2021.
She noted that gross profit dropped by 18 per cent from N4.7 billion in 2021 to N3.9 billion in 2022.
Danjuma attributed the drop to higher cost of input materials from Asia, high energy costs and impact of further devaluation of Naira to dollar.
“All these impacted on cost of sales which…
Source: News Agency of Nigeria
