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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

May & Baker Nigeria

MAYBAKER · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
MAY & BAKER NIGERIA PLC
Listing
MAYBAKER on the Nigerian Exchange, active · ISIN NGMAYBAKER01 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

  • Revenue

    NGN 38.3 billion

    38,263,204 NGN thousands · p15

    +32.4% vs 2024

  • Operating profit / (loss)

    NGN 6.32 billion

    6,321,421 NGN thousands · p15

    +146.7% vs 2024

  • Profit / (loss) for the year

    NGN 4.44 billion

    4,436,525 NGN thousands · p15

    +173.7% vs 2024

  • Total assets

    NGN 25.6 billion

    25,615,432 NGN thousands · p16

    +14.1% vs 2024

  • Total equity

    NGN 13.7 billion

    13,651,351 NGN thousands · p16

    +38.0% vs 2024

  • Cash from operations

    NGN 4.06 billion

    4,063,123 NGN thousands · p18

    +16.1% vs 2024

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Revenue 38,263,204 28,905,150
Cost of sales (25,115,900) (20,391,697)
Gross profit 13,147,304 8,513,453
Other operating income 124,887 146,099
Distribution, sales and marketing expenses (3,948,044) (3,249,627)
Administrative expenses (3,002,726) (2,847,271)
Operating profit 6,321,421 2,562,654
Finance income 711,574 407,490
Finance costs (472,247) (370,115)
Share of (loss)/Profit in joint ventures (20,844) (27,187)
Profit before income tax 6,539,904 2,572,842
Income tax expense (2,103,379) (951,875)
Profit from continuing operations 4,436,525 1,620,966
Unrealised gain from foreign balance translation1 11,783 –2
Other comprehensive income 11,783 –3
Total comprehensive income for the year 4,448,308 1,620,966
  1. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (1)
  1. “Unrealised gain from foreign balance translation” is an issuer-specific line, not mapped to a shared definition: Note 6.3: OCI item that may be reclassified.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Property, plant and equipment 6,310,927 5,964,013
Intangible assets 13,540 13,234
Investment in subsidiaries1 –2 –2
Investment in Joint Venture3 1,150,524 1,171,368
Non current assets (unlabelled subtotal) 7,474,992 7,148,616
Inventories 4,733,664 8,243,687
Trade and other receivables 2,229,170 1,531,973
Other assets4 4,467,370 2,219,988
Due from related party5 140,666 88,354
Cash and cash equivalents 6,569,570 3,223,020
Current assets (unlabelled subtotal) 18,140,440 15,307,022
Total assets 25,615,432 22,455,638
Ordinary shares 862,617 862,617
Share premium 3,012,065 3,012,065
Retained earnings 9,356,742 5,610,311
Asset revaluation reserve 419,927 408,144
Equity (unlabelled subtotal) 13,651,351 9,893,137
Loans and borrowings 2,254,725 1,199,390
Post employment benefits 33,645 32,834
Deferred tax liabilities 1,297,331 1,148,418
Deferred fair value gain on loan6 534,255 186,491
Non-current liabilities (unlabelled subtotal) 4,119,956 2,567,132
Loans and borrowings 3,345,873 3,548,806
Trade and other payables 2,301,540 5,557,266
Due to related party7 –8 –8
Current tax liabilities 1,971,674 805,841
Deferred fair value gain on loan9 225,039 83,456
Current liabilities (unlabelled subtotal) 7,844,126 9,995,369
Total liabilities 11,964,081 12,562,501
Total equity and liabilities 25,615,432 22,455,638
Bank overdrafts and commercial papers10 –11 (38,735)
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
  3. Printed “-”; reading unresolved, so no amount is shown. Printed dash, read on the page image (p18); recorded as printed and not interpreted as nil. Cash-flow reconciliation of cash and bank balances (p18).
Notes and alternative reported figures (8)
  1. “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 14 (nil in the Group columns).
  2. “Investment in Joint Venture” is an issuer-specific line, not mapped to a shared definition: Note 16: equity-accounted joint venture.
  3. “Other assets” is an issuer-specific line, not mapped to a shared definition: Note 20: other assets (current).
  4. “Due from related party” is an issuer-specific line, not mapped to a shared definition: Note 19.1-2.
  5. “Deferred fair value gain on loan” is an issuer-specific line, not mapped to a shared definition: Note 27.2: deferred government-grant gain on below-market loans.
  6. “Due to related party” is an issuer-specific line, not mapped to a shared definition: Note 19.2.
  7. “Deferred fair value gain on loan” is an issuer-specific line, not mapped to a shared definition: Note 27.1.
  8. “Bank overdrafts and commercial papers” is an issuer-specific line, not mapped to a shared definition: Reconciliation of cash and bank balances to cash and cash equivalents (p18), printed negative.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Profit for the year1 4,448,308 1,620,966
Depreciation expenses2 803,091 728,264
Amortisation of intangible assets3 3,866 3,487
Finance income4 (711,574) (407,490)
Finance costs5 472,247 370,115
Share of loss in joint ventures6 20,844 27,187
Employment benefit charged7 24,851 14,488
Income tax expense8 1,954,466 789,939
(Profit)/loss on disposal of property, plant and equipment9 (10,640) (2,133)
Impairment on trade and other receivable10 57,968 (4,070)
Operating cash flow before working-capital changes (unlabelled subtotal)11 7,063,427 3,140,754
(Increase(/Decrease in Inventories12 3,510,023 (1,735,597)
Decrease (Increase) in trade and other receivables13 (755,165) (502,493)
(Increase)/Decrease in other assets14 (2,247,382) 551,076
(Increase)/decrease in due from related party15 (52,312) (20,853)
Increase (Decrease)in trade and other payables16 (3,281,054) 2,343,755
(Decrease)/increase in due to related party17 –18 –18
Increase (decrease) inDeferred fair value gain19 489,347 (144,763)
Increase in deferred tax20 148,913 161,936
Cash generated from/(used in) operating activities 4,875,796 3,793,815
Tax paid (788,633) (279,703)
Employee benefit paid21 (24,040) (14,241)
Net cash from/(used in) operating activities 4,063,123 3,499,871
Purchase of property, plant and equipment (1,160,819) (1,271,186)
Purchase of intangible (4,172) –22
Proceeds on sale of property plant and equipment 21,458 2,133
Finance income23 711,574 407,490
Net cash used in investing activities (431,959) (861,563)
Repayment of loans and borrowings other than overdraft (349,190) (814,567)
(Repayment)/additions to Import Finance Facility24 (551,592) (941,236)
Additions to term loans 1,802,657 –25
Unclaimed dividend received26 14,586 12,854
Dividend paid (690,094) (517,570)
Finance costs27 (472,247) (370,115)
Net cash (used in)/from financing activities (245,880) (2,630,634)
Net increase/(decrease) in cash and cash equivalents 3,385,284 7,673
Cash and cash equivalents at 1 January 3,184,285 3,176,612
Cash and cash equivalents at 31 December 6,569,570 3,184,285
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_generated_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (24)
  1. “Profit for the year” is an issuer-specific line, not mapped to a shared definition: Opening line of the indirect method; the amount printed equals total comprehensive income.
  2. “Depreciation expenses” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  3. “Amortisation of intangible assets” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  4. “Finance income” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  5. “Finance costs” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  6. “Share of loss in joint ventures” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  7. “Employment benefit charged” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  8. “Income tax expense” is an issuer-specific line, not mapped to a shared definition: Adjustment (current tax; deferred tax is a working-capital line).
  9. “(Profit)/loss on disposal of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  10. “Impairment on trade and other receivable” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  11. “Operating cash flow before working-capital changes (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal.
  12. “(Increase(/Decrease in Inventories” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  13. “Decrease (Increase) in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  14. “(Increase)/Decrease in other assets” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  15. “(Increase)/decrease in due from related party” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  16. “Increase (Decrease)in trade and other payables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  17. “(Decrease)/increase in due to related party” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  18. “Increase (decrease) inDeferred fair value gain” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  19. “Increase in deferred tax” is an issuer-specific line, not mapped to a shared definition: Printed among the working-capital changes.
  20. “Employee benefit paid” is an issuer-specific line, not mapped to a shared definition: Operating line.
  21. “Finance income”: mapping to a shared definition is uncertain. Printed 'Finance income' in investing activities (finance income received).
  22. “(Repayment)/additions to Import Finance Facility” is an issuer-specific line, not mapped to a shared definition: Financing line (net).
  23. “Unclaimed dividend received” is an issuer-specific line, not mapped to a shared definition: Financing line.
  24. “Finance costs” is an issuer-specific line, not mapped to a shared definition: Financing line: finance costs paid.

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)3 2.57151 0.93962
Profit / (loss) attributable to shareholders (NGN thousands)4 4,436,525 1,620,966
  1. Printed as 257.15 Kobo; value converted to NGN at 100 Kobo = 1 NGN.
  2. Printed as 93.96 Kobo; value converted to NGN at 100 Kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted earnings per share (Kobo) - From continuing operations”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity shareholders”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividend paid (690,094) NGN thousands Audited financial statements, p18
31 Dec 2024 Dividends paid (cash flow statement) Dividend paid (517,570) NGN thousands Audited financial statements, p18

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • May and Baker Nigeria Plc Consolidated and Separate Financial Statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Grant Thornton Nigeria (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Kingsley Opara, FCA, for Grant Thornton

    Final status: Auditor's report signed (hand signature) by Kingsley Opara, FCA, FRC/2014/PRO/ICAN/004/00000005881, for Grant Thornton, Lagos, 'Date: 30 March. 2026.', with the ICAN stamp (PDF p14, scanned page image; report p11-14). Statements approved and authorised for issue by the board on 26 March 2026 and signed by the chairman, the MD-CEO and the finance director/CFO, hand signatures visible (PDF p16, page image).

    Document date
    30 Mar 2026
    Auditor's report
    30 Mar 2026
    Board approval
    26 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “N'000”)
    • The directory lists 'MAY & BAKER NIGERIA PLC'; the document prints 'MAY AND BAKER NIGERIA PLC' (p15-18) and 'MAY AND BAKER PLC' (page headers p2-8). Same company: '&' printed as 'and'.
    • The consolidated statement of changes in equity (p17) closes at 13,639,568 with the asset revaluation reserve at 408,144, while the statement of financial position prints total equity 13,651,351 and the reserve at 419,927 (p16): the 11,783 OCI is not shown in the SOCE. The Company SOCE opens 2025 at 5,035,864 retained earnings against a 2024 close of 5,035,877. Kept as printed (statement of financial position transcribed).
    • Group and Company columns side by side; the Group columns are read. No subtotal labels for non-current assets, current assets, equity, non-current or current liabilities (unlabelled). The cash-flow statement opens with 'Profit for the year' 4,448,308, which equals total comprehensive income (profit 4,436,525 + OCI 11,783). Finance income and finance costs are each printed twice on p18 (adjustment and investing/financing).
    Technical details
    File
    74 pages, with a text layer
    SHA-256
    6f54cb99424795849fe89de0822edb61c27361172f6a8a9337c6b4685b72f0ab
    Entity as printed
    MAY AND BAKER NIGERIA PLC (statements); 'May and Baker Nigeria Plc (The "Company"), and its subsidiaries ("The Group")' (auditor's report, p11)
    Exchange copy
    retrieved 2026-10-08T17:56:06Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (16 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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