May & Baker Nigeria Plc’s half-year results for 2025 highlight the growing role of debt in funding its operations, with borrowings and finance costs rising faster than earnings, highlighting the pressure that high interest rates and liquidity constraints are exerting on Nigeria’s pharmaceutical sector.
The company reported profit after tax of N876.6 million, a 150 percent improvement from N351.4 million in H1 2024. Revenue climbed 43 percent to N10.23 billion, while gross profit rose 64 percent to N3.98 billion, sustaining margins at 39 percent compared with 34 percent a year earlier. Operating profit nearly doubled to N1.43 billion, underlining efficiency gains as sales grew faster than overheads.
Yet these impressive figures mask a growing burden of debt and finance costs, which are expanding at a pace that could erode the benefits of higher sales.