May & Baker Nigeria PlcNSENG: MAYBAKER

And baker- quarter 1 - financial statement for 2026

Apr 29, 2026 at 1:08 PM UTC · Issued by May & Baker Nigeria Plc

May & Baker Nig Plc RC. 558 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED '31ST MARCH, 2026

UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST MARCH, 2026.

Continuing operations	Note	The G 3 Months March, 2026 N'000	roup 12 Months December, 2025 N'000	3 Months March, 2025 N'000		The Company 3 Months 12 Months March, 2026 December, 2025 N'000 N'000		3 Months March, 2025 N'000
Revenue	5	8,400,360	38,263,204	9,506,564		7,037,688	34,832,661	8,805,939
Cost of sales		(5,061,422)	(25,115,900)	(6,016,420)		(4,213,128)	(22,960,001)	(5,544,944)
Gross profit		3,338,938	13,147,304	3,490,144		2,824,560	11,872,660	3,260,995
Other operating income/(Loss)	7	(80,157)	124,887	127,049		(81,754)	124,392	104,747
Distribution, sales and marketing expense		(836,318)	(3,948,044)	(1,118,370)		(752,014)	(3,407,710)	(1,059,943)
Administrative expenses		(635,621)	(3,002,726)	(677,886)		(621,970)	(2,946,979)	(661,843)
Operating profit/(loss)		1,786,842	6,321,421	1,820,937		1,368,822	5,642,363	1,643,956
Interest income	8	216,087	711,574	73,532		191,728	674,669	73,532
Finance costs	10	(115,882)	(472,247)	(200,797)		(114,426)	(454,356)	(188,044)
Share of proft/( Loss) of Joint Venture	17	(11,185)	(20,844)	(8,565)		-	-	-
Profit/(Loss) before tax		1,875,862	6,539,904	1,685,106		1,446,124	5,862,676	1,529,443
Current tax expense	13.1	(600,276)	(2,103,379)	(539,234)		(462,760)	(1,871,442)	(489,422)

Profit for the year	11	1,275,586	4,436,525	1,145,872		983,364	3,991,234	1,040,021
Other comprehensive income:
Items that will not be reclassified subsequently
Translation gain		-	11,783	-
Total comprehensive income		1,275,586	4,448,308	1,145,872		983,364	1,381,524	1,040,021
Earnings per share	14.
Basic (kobo per share) from continuing operation		73.94	257.84	66.42	57.00		80.08	60.28
Diluted (kobo per share) from continuing operation		73.94	257.84	66.42	57.00		80.08	60.28

All the profit of the Group is attributable to Owners of the company as there are no non-controlling interests. The accompanying notes form an integral part of these consolidated financial statements.

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH, 2026

The Group			The Company
March	December	March	March	December	March
2026	2025	2025	2026	2025	2025

	Note	N'000	N'000		N'000	N'000	N'000
ASSETS
Non-current assets
Property, plant and equipment	16	7,458,557	6,310,927	6,011,442	7,390,254	6,238,989	5,960,089
Intangible assets	15	17,762	13,540	12,326	12,442	13,510	12,256
Investment in Joint Venture	17	1,137,938	1,150,524	1,162,803	1,326,886	1,326,886	1,326,886
Investment in subsidiaries	18	-	-	-	3,000	3,000	3,000
Total non-current assets		8,614,257	7,474,992	7,186,571	8,732,582	7,582,385	7,302,230
Current assets
Inventories	20	4,683,366	4,733,664	6,963,310	4,092,250	3,848,128	6,173,518
Trade and other receivables	21	3,320,116	2,369,836	1,970,887	3,034,505	2,361,453	2,054,191
Other assets	23	2,307,808	4,467,370	5,187,001	2,186,131	4,027,615	4,824,964
Cash and cash equivalents	22	7,913,286	6,569,570	5,079,433	6,779,532	6,066,382	4,968,319
Total current assets		18,224,577	18,140,440	19,200,631	16,092,419	16,303,578	18,020,992
Total assets		26,838,834	25,615,432	26,387,201	24,825,001	23,885,963	25,323,223
Equity and Liabilities
Share capital	24	862,617	862,617	862,617	862,617	862,617	862,617
Share premium account	25	3,012,065	3,012,065	3,012,065	3,012,065	3,012,065	3,012,065
Retained earnings	26	10,632,327	9,356,742	6,756,183	9,320,367	8,337,004	6,075,899
Revaluation reserve	26.1	419,927	419,927	408,144	408,144	408,144	408,144
Total equity		14,926,937	13,651,351	11,039,010	13,603,193	12,619,830	10,358,726
Non-current liabilities
Borrowings	27	2,062,019	2,254,725	2,846,343	2,062,019	2,254,725	2,846,343
Employee benefits	29	30,774	33,645	31,492	30,774	33,645	31,492
Deferred Income	30	491,939	534,255	688,987	491,939	534,255	688,987
Deferred tax liabilities	13	1,297,331	1,297,331	1,148,418	1,301,214	1,301,214	1,139,069
Total non-current liabilities		3,882,062	4,119,956	4,715,239	3,885,945	4,123,839	4,705,890
Current liabilities
Trade and other payables	28	3,141,241	2,301,540	3,928,807	2,960,170	2,152,588	3,873,017
Current tax liabilities	13	2,571,949	1,971,674	1,340,676	2,188,456	1,725,696.00	1,136,543
Borrowings	27	2,103,982	3,345,873	5,123,506	1,974,573	3,038,972.00	5,009,084
Deferred Income	30	212,662	225,039	239,963	212,663	225,039.00	239,963
Total current liabilities		8,029,834	7,844,126	10,632,952	7,335,862	7,142,295	10,258,607
Total liabilities		11,911,897	11,964,081	15,348,191	11,221,807	11,266,134	14,964,497
Total equity and liabilities		26,838,834	25,615,432	26,387,201	24,825,001	23,885,963	25,323,223

Mr. Ayodeji S. Aboderin Mr. Patrick Ajah

Finance Director/CFO Managing Director/CEO

FRC/2014/ICAN/00000008270 FRC/2021/003/00000023215

These Financial Statements were approved by the Board on 28 April 2026 (Lagos)

MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31ST MARCH, 2026.

capital N'000

premium account N'000

Retained

earnings N'000

Revaluation

Surplus N'000

Total

N'000

Equity attributable to equity holders of the Group
At 1 January 2025	862,617		3,012,065			5,610,311		408,144		9,893,137
Right issue					-				-	-
Profit for the period					-				-	-
Dividends paid	-			-			1,145,872		-	1,145,872
		-			-		-		-	-
At 31ST MARCH, 2025	862,617		3,012,065			6,756,183		408,144		11,039,009

At 1 January 2026 862,617 3,012,065 9,356,742 419,927 13,651,351

Right Issue - - -

Profit for the period

- - 1,275,586 - 1,275,586

Dividends paid - - - - -

At 31ST MARCH, 2026

862,617 3,012,065 10,632,327 419,927 14,926,936

Equity attributable to equity holders of the Company
At 1 January 2025	862,617	3,012,065		5,035,877		408,144		9,318,703
Right issue	-		-				-	-
Profit for the Period	-		-		1,040,021		-	1,040,021
Dividends paid	-		-		-		-	-
							-
At 31ST MARCH, 2025	862,617		3,012,065		6,075,898		408,144	10,358,724
At 1 January 2025	862,617		3,012,065		8,337,004		408,144	12,619,830
Profit for the Period	-		-		983,364		-	983,364
Dividends paid	-		-		-		-	-
At 31ST MARCH, 2026	862,617		3,012,065		9,320,368		408,144	13,603,194

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST MARCH, 2026.

		The Group			The Company
		March	December	March	March	December	March
		2026	2025	2025	2026	2025	2025
		N'000	N'000	N'000	N'000	N'000	N'000
Cash flows from operating activities
Cash received from customers		7,714,988	37,791,446	9,291,149	6,597,161	34,364,325	8,703,968
Cash paid to suppliers and employees		(3,675,419)	(33,185,598)	(10,175,918)	(3,351,561)	(30,386,047)	(10,620,387)
Taxes paid		-	(788,632)	(4,399)	-	(635,121)	(4,399)
Net cash from operating activities		4,039,569	3,817,215	(889,168)	3,245,600	3,343,156	(1,920,819)
Cash flows from Investing activities
Proceed from contract manufacturing		53,489	168,811	5,277	53,489	168,811	5,277
Rent		-	15,000	-	-	15,000	-
Other sundry income		6,052	56,217	89,968	4,252	54,754	89,736
Proceeds from sale of fixed assets		187	9,473	3,045	187	8,433	1,963
Interest received		216,087	711,574	73,532	191,728	674,669	73,532
Purchases of Intangible assets		(5,401)	(4,172)	-	-	(4,172)	-
Purchases of property, plant and equipment		(1,360,115)	(1,160,818)	(247,050)	(1,356,379)	(1,113,612)	(253,367)
Net cash used in investing activities		(1,089,701)	(203,915)	(75,229)	(1,106,723)	(196,117)	(82,860)
Cash flows from financing activities
Dividends paid		-	(690,094)	-	-	(690,094)	-
Additions to/(Repayment of) import facility		(1,261,768)	(549,259)	1,398,489	(1,084,276)	(524,148)	1,616,079
Loan received		-	2,500,000	2,500,000	-	2,500,000	2,500,000
Loans repaid		(172,830)	(623,704)	(892,222)	(172,830)	(623,704)	(98,056)
Unclaimed dividend returned		-	14,586	-	-	14,586	-
Finance cost		(170,575)	(880,524)	(238,535)	(169,119)	(844,743)	(225,782)
Net cash used in financing activities		(1,605,172)	(228,995)	2,767,732	(1,426,224)	(168,103)	3,792,241
Net increase/(decrease) in cash and	cash	1,344,695	3,384,306	1,803,335	712,652	2,978,937	1,788,563
Cash and cash equivalents at 1 January		6,568,591	3,184,285	3,184,285	6,066,880	3,087,943	3,087,943

Cash and cash equivalents at 31st March		7,913,286	6,568,591	4,987,620	6,779,533	6,066,880	4,876,506
Reconciliation of cash and bank balances to cash and cash equivalents
Cash and bank balance		7,913,286	6,568,591	5,079,433	6,779,532	6,066,880	4,968,319
Bank overdrafts and commercial papers		-	-	(91,813)	-	-	(91,813)
		7,913,286	6,568,591	4,987,620	6,779,532	6,066,880	4,876,506

MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST MARCH, 2026.

Free Float Computation

	Company Name:	May & Baker Nigeria Plc
	Board Listed :	Main Board
	Year End:	December
	Reporting Period:	Quarter 1 Ended 31 March 2026
	Share Price at end of reporting period:	N38.00k (2025: N8.10K)
Shareholding Structure /Free Float Status		.

Description	31-Mar-26		31-Mar-25
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital	1,725,234,886	100.00%	1,725,234,886	100%
Substantial Shareholdings (5% and above)
T.Y.Holdings Limited	720,878,543	41.78%	720,878,543	41.78%
Onyishi Maduka samuel	266,564,690	15.45%	266,564,690	15.45%
Total Substantial Shareholdings	987,443,233	57.24%	987,443,233	57.24%
Directors' Shareholdings (direct and indirect), excluding directors with substantial interest
Senator Daisy Danjuma Representing Oil Tech Nigeria Ltd (Indirect) Representing Osis Yuvic Ltd	14,874,759	0.86%	14,874,759	0.86%
	11,088,000	0.64%	11,088,000	0.64%
Mr. Patrick Ajah	2,000	0.00%	2,000	0.00%
Mr. Michael C. Odumodu (Indi Representing Seravac Nigeria Ltd Representing J.I. Odumodu	54,134,958	3.14%	54,134,958	3.14%
	3,617,198	0.21%	3,617,198	0.21%
Dr. (Mrs.) Rahila Ilegbodu Dr. (Mrs.) Rahila Ilegbodu Representing Maydav Multi Resources Ltd	-	0.00%	-	0.00%
	45,073,864	2.61%	45,073,864	2.61%
Aboderin A.S	93,500	0.01%	93,500	0.01%
Durojaiye Kolawole Olalekan	390,485	0.02%	390,485	0.01%
Mr. Osagie Omenai	-	0.00%	-	0.00%
Other Directors' Shareholdings	129,274,764	7.49%	129,274,764	7.48%

Total Directors' Shareholdings	1,116,717,997	64.73%	1,116,717,997	64.72%

Free Float in Units and Percentage	608,516,889	35.27%	608,516,889	35.27%

Free Float in Value (N)	23,123,641,782.00		4,928,986,800.90

Declaration:

May & Baker Nigeria Plc with a free float percentage of 35.27% as at 31st March, 2026, is compliant with The Exchnage's free float requirements for companies listed on the Main Board.

1 Description of business

May & Baker Nigeria Plc. was incorporated as a private limited liability company in Nigeria on December 4, 1944 and commenced business on the same date. It was listed on the Nigerian stock exchange in 1994. The company is involved in the manufacture, sale and distribution of human pharmaceuticals, human vaccines and consumer products. Registered business address is 3/5 Sapara street, Industrial Estate, Ikeja, Lagos, Nigeria

Basis of preparation
1. Statement of compliance
  These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB), and in compliance with Financial Reporting Council of Nigeria Act No 6 2011. Additional information required by national regulations has been included where appropriate.
  These consolidated financial statements comprise of the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of financial position, the consolidated and separate statement of changes in equity, the consolidated and separate statement of cashflows and notes to the consolidated financial statements.
2. Going concern status
  These consolidated financial statements have been prepared on a going concern basis, which assumes that the entity will be able to meet its financial obligations as at when they fall due. There are no significant financial obligations that will impact on the entity's resources which will affect the going concern of the entity. Management is satisfied that the entity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the going concern basis has been adopted in preparing these consolidated financial statements.
3. Basis of measurement
  These consolidated financial statements have been prepared in accordance with the going concern principle under the historical cost convention, except for financial assets (liabilities) which were measured at fair value. The liability for defined benefit obligations is recognized as the present value of the defined benefit obligation less the total of the plan assets, plus unrecognized actuarial gains, less unrecognized past service cost and unrecognized actuarial losses while the plan assets for defined benefit obligations are measured at fair value.
  These consolidated financial statements are presented in the Nigerian Naira (NGN), which is the
  Company's functional currency for presentation.
  1. Functional and presentation currency
    Items included in these consolidated financial statements are measured using the currency of the primary economic environment in which the Group operates ("the functional currency"). The consolidated financial statements are presented in Nigerian Naira (N) which is the Group's functional currency and presentation currency.
4. Use of estimates and judgements

The preparation of these consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates, it also requires management to exercise its judgment in the process of applying the company's accounting policies. Changes in assumptions may have a significant impact on these consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate and therefore the Group's financial statements present the financial position and results fairly.

Summary of Standards and Interpretations effective for the first time
IFRIC 23 Uncertainty over Income Tax Treatments
The interpretation specifies how an entity should reflect the effects of uncertainties in accounting for income taxes.
1. Standards Issued and Effective on or after 1 January 2022
  1. IFRS 17 Insurance Contracts
  IFRS 17 creates one accounting model for all insurance contracts in all jurisdictions that apply IFRS.
  This standard replaces IFRS 4 - Insurance contracts.
  The key principles in IFRS 17 are that an entity:
  1. identifies as insurance contracts those contracts under which the entity accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain, future event (the insured event) adversely affects the policyholder;
  2. separates specified embedded derivatives, distinct investment components and distinct performance obligations from the insurance contracts;
  3. divides the contracts into groups it will recognise and measure;
  4. recognises and measures groups of insurance contracts at a risk-adjusted present value of the future cash flows (the fulfilment cash flows) that incorporates all the available information about the fulfilment cash flows in a way that is consistent with observable market information plus (if this value is a liability) or minus (if this value is an asset) an amount representing the unearned profit in the group of contracts (the contractual service margin);
  5. recognises the profit from a group of insurance contracts over the period the entity provides insurance coverage, and as the entity is released from risk, if a group of contracts is or becomes loss-making, an entity recognises the loss immediately;
  6. presents separately insurance revenue, insurance service expenses and insurance finance income or expenses;
  7. discloses information to enable users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance and cash flows of the entity. To do this, an entity discloses qualitative and quantitative information about:
    - the amounts recognised in its financial statements from insurance contracts;
    - the significant judgements, and changes in those judgements, made when applying the Standard; and
    - the nature and extent of the risks from contracts within the scope of this Standard.
2. Narrow Scope Amendments deferred until further notice
  1. IFRS 10 consolidated financial statements
    Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28): Narrow scope amendment address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
  2. IAS 28 Investments in Associates and Joint Ventures
  Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28): Narrow scope amendment to address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28 (2011), in dealing with the sale or contribution of assets between an investor and its associate or joint venture.
3. New standards, amendments and interpretations issued but without an effective date

At the date of authorisation of these financial statements the following standards, amendments to

Amendments to IFRS 10 and IAS 28 consolidated financial statements and Investments in

Amends IFRS 10 consolidated financial statements and IAS 28 Investments in Associates and Joint

Require full recognition in the investor's financial statements of gains and losses arising on the
Require the partial recognition of gains and losses where the assets do not constitute a

These requirements apply regardless of the legal form of the transaction, e.g. whether the sale or

Significant accounting policies
The principal accounting policies adopted are set out below.
1. Foreign currency translation
  Foreign currency transactions are booked in the functional currency of the Group (naira) at the exchange rate ruling on the date of transaction. Foreign currency monetary assets and liabilities are retranslated into the functional currency at rates of exchange ruling at the reporting period. Exchange differences are included in the Statement of profit or loss and other comprehensive income. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
2. Basis of consolidation
  The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
  The results of subsidiary acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
  Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
3. Business combinations
  Acquisitions of subsidiaries are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquire. Acquisition-related costs are recognised in profit or loss as incurred.
  Where a business combination is achieved in stages, the Group's previously-held interests in the acquired entity are re-measured to fair value at the acquisition date (i.e. the date the Group attains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from
  interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of.
  The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3(2008) are recognised at their fair value at the acquisition date, except that:
  - Deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively;
  - assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard.
  If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date.
  The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date, and is subject to a maximum of one year.
4. Revenue recognition
  Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
  1. Sale of goods
    Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied:
    1. the Group has transferred to the buyer the significant risks and rewards of ownership of the
    2. the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
    3. the amount of revenue can be measured reliably;
    4. it is probable that the economic benefits associated with the transaction will flow to the Group;
    5. the costs incurred or to be incurred in respect of the transaction can be measured reliably;
    6. the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.
  2. Interest income
  Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
5. Expenditure
  Expenditure is recognised in respect of goods and services received when supplied in accordance with contractual terms. Provision is made when an obligation exists for a future liability in respect of a past event and where the amount of the obligation can be reliably estimated. Manufacturing start-up costs between validation and the achievement of normal production are expensed as incurred. Advertising and promotion expenditure is charged to profit or loss as incurred. Shipment costs on inter company transfers are charged to cost of sales; distribution costs on sales to customers are included in distribution expenditure. Restructuring costs are recognised and provided for, where appropriate, in respect of the direct expenditure of a business reorganisation where the plans are sufficiently detailed and well advanced, and where appropriate communication to those affected has been undertaken.
6. Intangible assets
  Intangible assets acquired separately
  Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
  Internally generated intangible assets - research and development expenditure
  Expenditure on research activities is recognised as an expense in the period in which it is incurred An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated:
  - the technical feasibility of completing the intangible asset so that it will be available for use or sal
  - the intention to complete the intangible asset and use or sell it;
  - the ability to use or sell the intangible asset;
  - how the intangible asset will generate probable future economic benefits;
  - the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
  - the ability to measure reliably the expenditure attributable to the intangible asset during its development.
  The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.
  Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
  Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost).
  Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
  An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.
7. Legal and other dispute
  Provision is made for the anticipated settlement costs of legal or other disputes against the Group where an outflow of resources is considered probable and a reliable estimate can be made of the likely outcome. In addition, provision is made for legal or other expenses arising from claims received or other disputes. In respect of product liability claims related to certain products, there is sufficient history of claims made and settlements to enable management to make a reliable estimate of the provision required to cover un-asserted claims. The Group may become involved in legal proceedings, in respect of which it is not possible to make a reliable estimate of the expected financial effect, if any, that could result from ultimate resolution of the proceedings. In these cases, appropriate disclosure about such cases would be included but no provision would be made. Costs associated with claims made by the Group against third parties are charged to profit or loss as they are incurred. When the group is virtually certain of receiving reimbursement from a third party (in the form of insurance, a shared liability agreement etc.) to compensate for any lost financial benefit from such disputes, they should recognise a receivable as an asset.
8. Pensions and other post-employment benefits Defined contribution scheme
  The Group operates a defined contribution based retirement benefit scheme for its staff, In accordance with the provisions of the amended Pension Reform Act, 2014 the Company has instituted a Contributory Pension Scheme for its employees, where both the employees and the company contribute 7% and 11% of the employee total emoluments. The company's contribution under the scheme is charged to the profit and loss while employee contributions are funded through payroll deductions.
  In addition to the pension scheme, the Company operates a gratuity scheme payable to employees that have served a minimum of five years of service. The benefits are calculated based on employees salary for each qualifying year. The Company discharges its obligation to employees once payment is made to the fund managers.
9. Property plant and equipment
  Property, plant and equipment is carried in the consolidated statement of financial position at cost less accumulated depreciation and accumulated impairment.
  The cost of acquisition comprises the acquisition price plus ancillary and subsequent acquisition costs, less any reduction received on the acquisition price. The cost of self-constructed property, plant and equipment comprises the direct cost of materials, direct manufacturing expenses, and appropriate allocations of material and manufacturing overheads. Where an obligation exists to dismantle or remove an asset or restore a site to its former condition at the end of its useful life, the present value of the related future payments is capitalized along with the cost of acquisition or construction upon completion and a corresponding liability is recognized.
  If the construction phase of property, plant or equipment extends over a long period, the interest incurred on borrowed capital up to the date of completion is capitalized as part of the cost of acquisition or construction in accordance with IAS 23 (Borrowing Costs).
  Expenses for the repair of property, plant and equipment, such as on-going maintenance costs, are normally recognized in profit or loss. The cost of acquisition or construction is capitalized if a repair (such as a complete overhaul of technical equipment) will result in future economic benefits.
  Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. Freehold land is not depreciated. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
  The following depreciation periods, based on the estimated useful lives of the respective assets, are applied throughout the Group:
  Class Useful life (range)
  Buildings 50 years
  Plant, machinery and fittings 5 - 10 years
  Office equipment and furniture 4 - 10 years
  Trucks and motor vehicles 3 - 8 years
  An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
10. Financial instruments
  1. Classification and measurement of financial assets
    Financial assets, which include both debt and equity securities are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortised cost. Subsequent classification and measurement for debt securities is based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instruments.
    Debt instruments are measured at amortised cost if both of the following conditions are met and the
  2. Business model assessment
    The Group determines the business models at the level that best reflects how portfolios of financial assets are managed to achieve the its business objectives. Judgment is used in determining the business models, which is supported by relevant, objective evidence including:
    - How the economic activities of the group's businesses generate benefits and how such economic activities are evaluated and reported to key management personnel;
    - The significant risks affecting the performance of the group's businesses, for example, market risk, credit risk, or other risks and the activities undertaken to manage those risks; and
    - Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model.
      The Group's business models fall into three categories, which are indicative of the key strategies used to generate returns:
    - Hold-to-Collect (HTC): The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent.
    - Hold-to-Collect-and-Sell (HTC&S): Both collecting contractual cash flows and sales are integral to achieving the objective of the business model.
    - Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading or managed on a fair value basis.
  3. SPPI assessment
  Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time.
  Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin.
  Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL.
  e. Investment securities
  All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Prior to our adoption of IFRS 9, Investment securities were comprised of available-for sale securities and held-for-trading securities.
11. Financial liabilities
  Initial recognition and measurements
  Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
  All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
  The Company's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.
12. Cash and cash equivalents
  Cash and cash equivalents comprise cash and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. An investment with a maturity of three months or less is normally classified as being short-term. Cash and cash equivalents form part of the company's financial assets.
13. Trade and other receivables
  Trade receivables are stated at fair value and subsequently measured at fair value through profit or loss, less provision for impairment. Impairment thereon are computed using the simplified IFRS 9
14. Trade and other payables
  Trade and other payables are stated at their original invoiced value. The Directors consider the carrying amount of other payables to approximate their fair value.
  1. Impairment of financial assets
    Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
    For AFS equity investments, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.
    For all other financial assets, objective evidence of impairment could include:
    - significant financial difficulty of the issuer or counterparty; or
    - breach of contract, such as a default or delinquency in interest or principal payments; or
    - it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
    - the disappearance of an active market for that financial asset because of financial difficulties.
    For certain categories of financial assets, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 30 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.
    For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
    For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.
    The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.
    When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognised in other comprehensive income are reclassified to profit or loss in the period.
    For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
    In respect of AFS equity securities, impairment losses previously recognised in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised in other comprehensive income and accumulated under the heading of investments revaluation reserve. In respect of AFS debt securities, impairment losses are subsequently reversed through profit or loss if an increase in the fair value of the investment can be objectively related to an event occurring after the recognition of the impairment loss.
  2. Derecognition of financial assets
    The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
    On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.
    On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.
  3. Financial liabilities
  Financial liabilities are recognised when the Group becomes party to the contractual provisions of an instrument and are initially recognised at fair value adding transaction costs.
  Financial liabilities ( including borrowings and trade payables) are subsequently measured at amortised cost using the effective interest method.
  The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
15. Financial liabilities (continued)
  The Group derecognises financial liabilities when, and only when, the Group's obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.
16. Other receivables and liabilities
  Accrued items and other non-financial assets and liabilities are carried at cost. They are charged/credited to profit or loss according to performance of the underlying transaction.
17. Government grants
  Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates. Government grants relating to property, plant and equipment are treated as deferred revenue and released to profit or loss over the expected useful lives of the assets concerned.
18. Inventories
  In accordance with IAS 2 (Inventories), inventories encompass assets held for sale in the ordinary course of business (finished goods and goods purchased for resale), in the process of production for such sale (work in process) or in the form of materials or supplies to be consumed in the production process or in the rendering of services (raw materials and supplies). Inventories are stated at the lower of cost and net realizable value. The net realizable value is the achievable sale proceeds under normal business conditions less estimated cost to complete and selling expenses. Costs of inventories are determined on a first-in-first-out basis.
19. Taxation
  Income tax expense represents the sum of the tax currently payable and deferred tax.
  1. Current tax
    The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statement of profit or loss and other comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
  2. Deferred tax
    Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other han in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. For any temporary differences arising on business combinations where the Group can control the reversal of the temporary difference and it is not expected to reverse in the near future, the deferred tax aset/liability is not recognised.
    The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
  3. Current and deferred tax for the year
    Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
20. Discounting
  Where the effect of the time value of money is material, balances are discounted to present values using appropriate rates of interest. The unwinding of the discounts is recorded in finance income and finance costs.
21. Noncurrent asset held for sale
  Non-current assets are classified as assets held for sale and stated at the lower of their previous carrying amount and fair value less costs to sell if their carrying value is to be recovered principally through a sale transaction rather than through continuing use. The condition of being recovered through sale is only met when: "the sale is highly probable, the non-current asset is available for immediate sale in its present condition, management is committed to the sale and the sale is expected to qualify for recognition as a completed sale within one year from the date of classification."
22. Borrowing costs
  Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
23. Dividends
  Dividends are recognised as a liability in the financial statement in the year in which the dividend is approved by the shareholders.
24. Segment reporting
  Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer.
25. Earnings per share

Earnings per share are calculated by dividing profit for the year by the number of ordinary shares outstanding during the period. Diluted earnings per share are calculated by dividing profit for the year by the fully-diluted number of ordinary shares outstanding during the period.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
1. Critical accounting judgement
  The following are the critical judgements and estimates that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in financial statements.
  1. Revenue recognition
    In the application of the Group's policy that states that revenues are recognized when significant risks and rewards has been transferred to the buyer, Management has ensured that revenues are recognised when goods are delivered to Customers. When goods remain in the Company's facility as a result of delayed transportation arrangement by the Customer, the Customers are aware based on practice and signed contract notes that the risks and reward of such goods remain with them.
  2. Indefinite useful life of Intangible assets
    During the year, the directors reconsidered the recoverability of the Group's intangible asset ( trade mark) and assessed if the useful life is still indefinite,the trademark conveys an irrevocable right of use to the Company. Management's assessment for recoverability includes active sales from the products, competition and current market share of the products, it is believed that the asset is fully recoverable.
2. Key sources of estimation uncertainty
  The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
  1. Useful life of Property, Plant and Equipment
    Property plant and equipment represent the most significant proportion of the asset base of the Company, accounting for over 60 % of the Company's total assets. Therefore the estimates and assumptions made to determine their carrying value and related depreciation are critical to the Company's financial position and performance and have been properly done.
    The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. Increasing an asset's expected life or it's residual value would result in the reduced depreciation charge in the profit or loss.
    The useful lives and residual values of the of property, plant and equipment are determined by management.
  2. Allowance for doubtful receivables
    Judgment is exercised to make allowance for trade receivables doubtful of recovery by reference to the financial and other circumstances of the debtor in question. Based on the credit terms and experience regarding trade receivables, the Company makes full impairment allowance for doubtful debt of over 360 days
  3. Allowance for obsolete inventory
    Management continously assesses inventory items for obsolescence based on the standard operating practice of the Company.
  4. Fair valuation of loan
    To obtain the fair value of a loan obtained at below market interest rate, the Group used a valuation technique that include inputs that are based on observable market data Management believes that the key assumptions used in the determination of the fair value are appropriate.
    The Group
    March
    2026
    December
    2025
    March
    2025
    The Company
    March December
    2026 2025
    March
    2025
    N'000 N'000 N'000 N'000 N'000 N'000

Revenue

An analysis of the Group's revenue

is as follows:

	Sale of Goods	8,400,360 38,263,204 9,506,564	7,037,688	34,832,661	8,805,939
	Total revenue	8,400,360 38,263,204 9,506,564	7,037,688	34,832,661	8,805,939

Segment information
Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance focuses on both the types of goods or services delivered or provided and the market where the goods or services are delivered or provided. The Group's
reportable segments under IFRS 8 are therefore as follows.
1. Pharmeceuticals - This segment is involved in the production and sale of human pharmaceuticals and human vaccines.
2. Beverage - This segment is involved in the production of beverage drinks including bottled water.
The Group
March
2026
December
2025
March
2025
The Company
March December
2026 2025
March
2025
N'000 N'000 N'000 N'000 N'000 N'000
1. Segment revenue

8,195,030 37,773,754 9,440,168	6,832,358	34,343,211	8,739,543
205,330 489,450 66,396	205,330	489,450	66,396
8,400,360 38,263,204 9,506,564	7,037,688	34,832,661	8,805,939

Pharmaceuticals Beverage

Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the current year.

	The Gr March	oup December	March	The Co March	mpany December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
6.2 Segment Profit
Pharmaceuticals	3,292,829	13,099,629	3,466,791	2,778,451	11,824,985	3,237,642
Beverage	46,109	47,675	23,353	46,109	47,675	23,353
Total segment profit	3,338,938	13,147,304	3,490,144	2,824,560	11,872,660	3,260,995
Other operating income (Note 7)	(80,157)	124,887	127,049	(81,754)	124,392	104,747
Interest Income (Note 8)	216,087	711,574	73,532	191,728	674669	73,532
Selling, marketing, Distribution and Admin costs	(1,471,938)	(6,950,770)	(1,796,256)	(1,373,983)	(6,354,689)	(1,721,786)
Finance costs	(115,882)	(472,247)	(200,797)	(114,426)	(454,356)	(188,044)
Share of (loss)/profit from joint venture	(11,185)	(20,844)	(8,565)	-	-	-
Profit before tax	1,875,862	6,539,904	1,685,106	1,446,124	- 5,862,676	1,529,443

Segment accounting policies
The accounting policies of the reportable segments are the same as the Group's accounting policies described in note 3. Segment profit represents the gross profit earned by each segment without allocation of central administration costs and directors' salaries, selling, marketing and distribution expenses, other operating income, finance costs and income tax expense. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
Segment assets and liabilities
The Chief Executive Officer does not assess segment performance based on reports on segment assets and liabilities.
Information about major customers

There are no customers that represent more than 10% of the total revenue of any of the reported segments.

Geographical information

The Group operates in Lagos and West, East and North principal geographical areas. The Group's revenue from continuing operations from external customers by location of operations are as follows:

			The Group				The Company
Revenue from			Revenue from	Revenue		Revenue	Revenue from	Revenue from
External			External	from		from External	External	External
Customers			Customers	External Customers		Customers	Customers	Customers
March			December	March		March	December	March
2026			2025	2025		2026	2025	2025
N'000			N'000	N'000		N'000	N'000	N'000
East		2,742,811	12,419,780	3,104,234	2,316,165		11,162,317	2,898,112
West		1,772,997	8,764,762	2,026,392	1,544,067		8,132,160	1,932,021
Lagos		2,805,231	12,337,248	3,110,481	2,213,873		11,113,748	2,770,118
North		1,079,321 4,741,414 1,266,457			963,583 4,424,436 1,205,687
	Total	8,400,360	38,263,204	9,507,564		7,037,688	34,832,661	8,805,939
		-				-
			The Group				The Company
		March	December	March		March	December	March
		2026	2025	2025		2026	2025	2025
		N'000	N'000	N'000		N'000	N'000	N'000
7.	Other operating income Income on contract manufacturing	11,982	56,217	4,334		11,982	54,754	4,334
	Miscelaneous Income (Note 7.1)	4,400	42,978	89,968		2,600	42,978	89,736
	Rental Income	-	15,000	3,750		-	15,000	3,750
	Exchange gain/(Loss)	(96,539)	51	23,509		(96,336)	-	2,521
	Profit/(loss) on disposal of PPE ( Note 7.2)	-	10,640	5,488		-	11,659	4,406
		(80,157)	124,887	127,049		(81,754)	124,392	104,747

Miscelaneous Income
Miscelaneous income is earned on insurance claim received from NEM insurance broker and others. These also includes income received from sales of waste box, waste sugar cartons, flour bags waste sacks, pallets, woods, etc
Profit/Loss on disposal of PPE

This includes profit made from the sales of old Ikeja factory/Finance building and other non-critical PPE

		March	The Group December	March	March	The Company December	March
		2026	2025	2025	2026	2025	2025
8.	Interest Income	N'000	N'000	N'000	N'000	N'000	N'000
	Bank interest	216,087	711,574	73,532	191,728	674,669	73,532
		216,087	711,574	73,532	191,728	674,669	73,532

The interest income is earned on short term investments (fixed deposits) with various commercial banks in Nigeria. The investments are not designated at fair value through profit or loss, rather they are carried at amortised cost.

10. Finance cost
Interest on bank loans and overdrafts	170,575	679,641	238,535	169,119	661,750	225,782
Deffered Income realised	(54,693)	(207,394)	(37,738)	(54,693)	(207,394)	(37,738)
Net Finance cost	115,882	472,247	200,797	114,426	454,356	188,044
11. Profit for the year is attributed to:
Owners of the bussiness	1,275,586	4,436,525	1,145,872	983,364	3,991,234	1,040,021
	1,275,586	4,436,525	1,145,872	983,364	3,991,234	1,040,021
All profit is attributable to owners of the
parent as all the subsidiaries are wholly owned.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2026.

The Group

March December March

2026 2025 2025

Number Number Number

The Company

March December March 2026 2025 2025

Number Number Number

12a Employees remunerated at higher rates

The number of employees excluding Directors in respect of emoluments excluding provident fund contributions and allowances:

N	N
100,000	200,000		0	0		1		0	0		1
250,001	- 300,000		1	1	-			1	1	-
300,001	- 350,000	-		0	-		-		0	-
350,001	- 400,000	-		0	-		-		0	-
400,001	- 450,000		40	40		27		40	40		27
450,001	- 500,000		23	23		24		23	23		24
500,001	- 550,000		10	10		3		10	10		3
550,001	- 600,000	-		0	-		-		0	-
600,001	- 650,000	-		0	-		-		0	-
650,001	- 700,000		47	30		15		35	23		6
700,001	and above	293		293	280		270		270	264
			414	397	350				379	367	325
	The average number of persons employed in the financial
	year are as follows: Managerial		20	22	22				20	22	22
	Senior staff		218	211	189				185	181	164
	Junior staff		176	164	139				174	164	139
			414	397	350				379	367	325

13.	Taxation	N'000		N'000	N'000			N'000		N'000	N'000
13.1	Current tax liabilities
	At 1 January	1,971,674		805,841	299,042			1,725,696	651,520	225,769
	Charge for the year (see note below)	600,276		1,954,466	308,436			462,760	1,709,297	212,766
		2,571,949		2,903,661	607,478			2,188,456	2,360,817	438,535
	Payment during the year	-		(788,633)	(11,134)			-	(635,121)	(11,134)
	Closing Balance	2,571,949		1,971,674	596,344			2,188,456	1,725,696	427,401

The charge for taxation in these financial statements was based on the provisions of the Companies Income Tax Act, CAP C21, LFN 2004 as amended, the Education Tax Act, CAPE 4, LFN 2004 and Finance Act 2020.

	March	The Group December	March		March	The Company December	March
	2026	2025	2025		2026	2025	2025
13.2 Deferred taxation	N'000	N'000	N'000		N'000	N'000	N'000
At 1 January	1,297,331	1,148,418	1,148,418		1,301,214	1,139,069	1,139,069
Adjustment to opening bal Charge for the year	- - 148,913		-	-		162,145	-
As At 31st March	1,297,331	1,297,331	1,148,418		1,301,214	1,301,214	1,139,069

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2026.

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
14. Earnings per share
The earnings and weighted average number of ordinary
shares used in the calculation of basic and diluted
earnings per share are as follows.
Earnings
Earnings for the purpose of basic earnings per share
being net profit attributable to equity holders of the Company	1,275,586	4,436,525	1,145,872	983,364	3,991,234	1,040,021
Number of shares
Weighted average number of ordinary shares for the purpose of basic earnings per share	1,725,235	1,725,235	1,725,235	1,725,235	1,725,235	1,725,235
Earnings per 50k share (kobo) - basic	73.94	257.15	66.42	57.00	231.34	60.28
Weighted average number of ordinary shares for the purpose of dilutive earnings per share	1,725,235	1,725,235	1,725,235	1,725,235	1,725,235	1,725,235
Earnings per 50k share (kobo) - diluted	73.94	257.15	66.42	57.00	231.34	60.28
15. Intangible assets
Software	17,762	13,539	12,326	8,494	13,510	8,494

Software represents the cost of acquisition of HR software -Microsoft Office tools and other softwares. Management estimates that the benefit of this intangible will accrue over a period of five years .

MAY & BAKER NIGERIA PLC

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2026.

Fixed asset schedule

GROUP - FIXED ASSETS SCHEDULE AT 31st March, 2026

	LAND	Building	Plant & Machinery	TRUCK	Motor Vehicle	CUMPUTER/OFFI CE EQUPMENT	FACTORY EQUIPMENT	FURNITURE &FITTING	SUB TOTAL	Capital Work-In-Progress	TOTAL
	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000
Cost
At 1 January 2026	334,667	3,558,982	5,590,085	283,353	1,508,530	941,394	90,495	244,350	12,551,856	88,014	12,639,870
Additions	-	14,685	890,040	126,174.00	4,845	14,038	-	6,170.00	1,055,952	309,753	1,365,705
Disposals	-	-	-	-	(5,590)	-	-	-	(5,590)	-	(5,590)
Transfers from Capital WIP		-							-	(2,706)	(2,706)
At 31st March, 2026	334,667	3,573,667	6,480,125	409,527	1,507,785	955,432	90,495	250,520	13,602,218	395,061	13,997,279

Depreciation
At 1 January 2026	-	872,404	3,385,459	116,341	1,191,365	616,285	41,718	105,370	6,328,942		6,328,942
Charge for the year		16,805	94,823	9,094	53,690	35,086	1,270	4,602	215,370		215,370
Disposals	-	-	-	-	(5,590.00)	-	-	-	(5,590)		(5,590)
Transfers from Capital WIP									-		-
At 31st March, 2026	-	889,209	3,480,282	125,435	1,239,465	651,371	42,988	109,972	6,538,722	-	6,538,722
Net book value
At 31st March, 2026	334,667	2,684,458	2,999,843	284,092	268,320	304,061	47,507	140,548	7,063,496	395,061	7,458,557

COMPANY- FIXED ASSETS SCHEDULE AS AT 31st March, 2026 7,458,557.01

	LAND	Building	Plant & Machinery	TRUCK	Motor Vehicle	CUMPUTER/OFFI CE EQUPMENT	FACTORY EQUIPMENT	FURNITURE &FITTING	SUB TOTAL	Capital Work-In-Progress	TOTAL
	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000	=N='000
Cost
At 1 January 2026	334,667	3,558,982	5,583,642	283,353	1,309,058	934,156	90,495	239,879	12,334,232	88,014	12,422,246
Additions	-	14,685	889,360	126,174.00	4,845	8,098	-	6,170	1,049,332	309,753	1,359,085
Transfers from Capital WIP	-	-	-	-	-	-		-	-	(2,706)	(2,706)
Disposals		-	-	-	(5,590)	-	-	-	(5,590)	-	(5,590)
At 31st March, 2026	334,667	3,573,667	6,473,002	409,527	1,308,313	942,254	90,495	246,049	13,377,974	395,061	13,773,035

Depreciation
At 1 January 2026		872,404	3,383,120	116,341	1,053,002	613,075	41,718	103,596	6,183,256		6,183,256
Charge for the year		16,805	94,650	9,094	44,266	34,580	1,270	4,451	205,116		205,116
Transfers from Capital WIP		-	-	-	-	-		-	-		-
Disposals		-	-	-	(5,590)	-	-	-	(5,590)		(5,590)
At 31st March, 2026	-	889,209	3,477,770	125,435	1,091,678	647,655	42,988	108,047	6,382,782	-	6,382,782
Net book value
At 31st March, 2026	334,667	2,684,458	2,995,232	284,092	216,635	294,599	47,507	138,002	6,995,192	395,061	7,390,253

The following depreciation rates were used in the computation of depreciation charge during the year:
Class Useful lives
Buildings 50years
Plant, machinery and fittings 5-10 years
Office equipment and furniture 4-10 years
Trucks and motor vehicles 3-10 years
Impairment of property, plant and equipment

There are no indicators of impairment at the end of the reporting period. Thus, the directors are of the opinion that allowance for impairment is not required.

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
16.4 Depreciation charged for the year is included in:
Cost of sales	117,973	399,786	91,606	117,973	399,786	91,606
Administrative expenses	50,134	235,259	56,628	49,192	203,510	55,929
Distribution, sales and marketing expenses	48,442	171,912	52,618	39,018	169,692	43,886
	216,548	806,957	200,852	206,182	772,988	191,421
17. Investment in Joint Venture
Opening Balance	1,149,123	1,171,368	1,198,555	1,326,886	1,326,886	1,326,886
Movement during the year(share of Profit/(loss))	(11,185)	(22,245)	(3,148)	-	-	-
Transfer to investment in JV	-	-	-	-	-	-
	1,137,938	1,149,123	1,136,379	1,326,886	1,326,886	1,326,886

		March	The Group December	March	March	The Company December	March
		2026	2025	2025	2026	2025	2025
18.	Investment in subsidiaries	N'000	N'000	N'000	N'000	N'000	N'000
Carrying amount (at cost)					3,000		3,000	3,000

Name of subsidiary	Proportion of ownership	Place of incorporation	Principal activity
Osworth Nigeria Limited	100%	Nigeria	Distribution and sales of healthcare pharamaceutical products.	and
Tydipack Nigeria Limited	100%	Nigeria
			Healthcare and industrial packaging
Servisure Nigeria Limited	100%	Nigeria
			Distribution and sales of pharamaceutical products

The Company has control over the three subsidiaries and has consolidated them in the current year.

The investment is represented by one million ordinary shares of N1 each in Osworth Nigeria Limited, Tydipack Nigeria Limited and Servisure Nigeria Limited. The investment is carried at cost.

		March	The Group December	March	March	The Company December	March
		2026	2025	2025	2026	2025	2025
20.	Inventories
	Raw/packaging materials	1,071,931	1,028,040	1,306,624	1,071,931	1,028,040	1,306,624
	Work-in-progress	275,777	309,228	665,442	275,777	309,228	665,442
	Finished goods	2,679,405	2,807,041	4,041,441	2,175,870	2,001,796	3,319,490
	Spare parts/consumables	656,253	589,355	949,803	568,672	509,065	881,962
		4,683,366	4,733,664	6,963,310	4,092,250	3,848,128	6,173,518
Stock write down		-	-	-	-
4,683,366			4,733,664	6,963,310		4,092,250	3,848,128	6,173,518

There are no inventories pledged as security for liabilities.
The amount charged to profit or loss in respect of write down of inventory to net realisable value is Nil ( March, 2025 : Nil).

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
21. Trade and other receivables
21.1 Trade receivables
Trade receivables	2,971,547	2,286,175	2,029,830	2,478,243	2,037,716	1,671,349
Less: allowance for doubtful debts	(399,962)	(402,508)	(386,061)	(324,917)	(327,463)	(355,418)
	2,571,585	1,883,667	1,643,769	2,153,326	1,710,253	1,315,931
21.2 Other receivables: Staff loans and advances	240,247	215,707	211,715	-207,238	188,920	-189,138
Sundry Receivables	252,215	62,102	88,991	248,978	62,102	86,572
Witholding tax recoverable	235,590	213,958	165,689	207,592	188,549	144,102
Due from related companies	166,742	140,666	100,439	343,845	338,105	538,376
	894,794	632,433	566,834	1,007,653	777,675	958,188
Less: allowance for doubtful debt	(146,263)	(146,263)	(239,716)	(126,474)	(126,474)	(219,927)
	748,531	486,170	327,118	881,179	651,201	738,261
Total trade and other receivables	3,320,116	2,369,836	1,970,887	3,034,505	2,361,454	2,054,191

21.3 Trade receivables

Trade and other receivables disclosed above are carried at cost less allowance for doubtful debts.

The average credit period taken on sales of goods is between 30-45 days. No interest is charged on the overdue receivables. The Group has recognised an allowance for doubtful debts of 100% against all receivables over 360 days(excluding public sector and Institutions) because historical experience has been that receivables that are past due beyond 360 days may be doubtful of recovery. In most cases these debts are recovered.

Before accepting any new customer, the company uses an internal credit scoring system to assess the potential customer's credit quality and defines credit limits by customer. The internal credit scoring system are constantly reviewed.

The Group March December March					March	The Company December	March
2026 2025 2025					2026	2025	2025
N'000 N'000 N'000					N'000	N'000	N'000
21.	Trade and other receivables (Cont'd)
	Ageing of receivables: 0-30 days	1,232,447	552,769	310,638	924,385	493,412	193,928
	31-60 days	579,126	571,728	523,341	511,756	531,799	446,264
	61-90 days	257,233	253,985	400,584	232,229	209,572	323,890
	91-150 days	340,730	422,575	243,369	329,024	362,125	216,879
	150-360 days	246,326	157,910	164,085	212,626	143,492	145,723
	Over 360 days	315,685	327,206	387,814	268,223	297,317	344,666
	Total	2,971,546	2,286,174	2,029,830	2,478,242	2,037,716	1,671,349

In determining the recoverability of a trade receivable the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. The concentration of credit risk is limited due to the customer base being large and unrelated.

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
Movement in the allowance for doubtful debts
At 1 January	548,771	625,777	625,777	453,937	575,345	575,345
Impairment losses recognised /(write back)	-	57,490	-	-	13,088	-
Bad debt written off in the year	(2,546)	(134,496)	-	(2,546)	(134,496)
Amounts recovered during the year	-	-	-	-	-	-
Total	546,225	548,771	- 625,777	451,391	453,937	575,345

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
22. Cash and cash equivalents
Cash/Cheque in hand	111,546	158	76,085	111,546	158	76,085
Cash at bank	2,012,012	1,822,996	2,251,247	1,544,515	1,764,142	2,140,133
Short term deposits	5,789,729	4,746,416	2,752,101	5,123,472	4,302,082	2,752,101
As per Consolidated Statement of Financial Position	7,913,286	6,569,570	5,079,433	6,779,532	6,066,382	4,968,319

Restricted cash

The short term deposits above is in respect of the unclaimed dividend balance that has been invested in a demand deposit account and short term deposit with other banks . Total restricted cash N645,522,648

Reconciliation of cash and bank balance to cash and equivalents

For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and in banks, net of outstanding bank overdraft and commercial acceptances. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as follows:

Cash and cash equivalents
	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
Cash in hand and bank	7,913,286	6,569,570	5,079,433	6,779,532	6,066,382	4,968,319
Bank overdrafts and commercial papers (Note 27)	-	-	(91,813)	-	-	(91,813)
As per consolidated statement of cash flows	7,913,286	6,569,570	4,987,620	6,779,532	6,066,382	4,876,506
23. Other assets
Advance payment to vendors	1,472,973	3,817,821	5,019,929	1,367,553	3,401,772	4,670,541
Prepayments	833,406	649,549	167,629	817,908	625,843	154,907
Refundable deposits	1,430	-	(558)	671	-	(485)
	2,307,808	4,467,370	5,187,001	2,186,131	4,027,615	4,824,964
24. Share capital
Authoris ed: 1,725,234,886 ordinary shares of 50 kobo each	862,617	862,617	862,617	862,617	862,617	862,617
Is s ued and fully paid: 1,725,234,886 ordinary shares of 50 kobo each	862,617	862,617	862,617	862,617	862,617	862,617

	March	The Group December	March	March		The Company December	March
	2026	2025	2025	2026		2025	2025
	N'000	N'000	N'000	N'000		N'000	N'000
25.	Share premium account
At 1 January	3,012,065	3,012,065	3,012,065	3,012,065		3,012,065	3,012,065
Premium on right issue	-	-	-	-		-	-
Share issue expenses	-	-	-	-		-	-
At 30th March, 2025	3,012,065	3,012,065	3,012,065		3,012,065	3,012,065	3,012,065
26.	Retained earnings
At 1 January	9,356,742	5,610,311	5,610,311	8,337,003		5,035,863	5,035,878
Retained profit for the Period	1,275,586	4,436,525	1,145,872	983,364		3,991,234	1,040,021
Dividend paid	-	(690,094)	-	-		(690,094)	-
At 30th March, 2025	10,632,327	9,356,742	6,756,183	9,320,367		8,337,003	6,075,899
Borrowing at amortised cost
Overdraft and commercial papers Bank overdrafts	-	-	91,813	-		-	91,813
	-	-	91,813	-		-	91,813
Loan CBN Intervention fund - Term loan	2,786,999	2,959,829	3,289,520	2,786,999		2,959,829	3,289,520
Short term import facility	1,379,001	2,640,769	4,588,517	1,249,592		2,333,868	4,474,095
	4,166,001	5,600,598	7,878,036	4,036,592		5,293,697	7,763,614
Total borrowings	4,166,001	5,600,598	7,969,849	4,036,592		5,293,697	7,855,427
Analysis of loan balance to current and non-current
portion.
Bank overdraft CBN Intervention fund - Term loan Term loan - -CBN 1BN (FULLY REPAID)	- - -	- - -	91,813 -7	- -		- -	91,813 7
Short term import facility	1,379,001	2,640,769	4,588,517	1,249,592		2,333,868	4,474,095
Term loan - CBN-2.5BN (2020)	189,473	187,830	183,472	189,473		187,830	183,472
Term loan - BOI-850BN (2021)	160,292	150,218	152,222	160,292		150,218	152,222
Term loan - CBN-1.5BN (2025)	242,571	238,415	91,466	242,571		238,415	91,466
Term loan - CBN-1.BN (2025)	132,644	128,641	16,009	132,644		128,641	16,009
Current Portion	2,103,982	3,345,873	5,123,506	1,974,573		3,038,972	5,009,084
Term loan - BOI-850BN(2021)	83,565	132,314	243,867	83,565		132,314	243,867
Term loan - CBN-2.5BN(2020)	668,963	716,698	858,424	668,963		716,698	858,424
Term loan - CBN-1BN(2025)	498,160	532,674	661,837	498,160		532,674	661,837
Term loan - CBN-1.5BN(2025)	811,331	873,039.00	1,082,215	811,331		873,039.00	1,082,215
Non-current Portion	2,062,019	2,254,725	2,846,343	2,062,019		2,254,725	2,846,343
Total borrowings Reconciled	4,166,000	5,600,598	7,969,849	4,036,591		5,293,697	7,855,426
All the borrowings were obtained in naira, the functional currency of the Group.
26.1 Revaluation reserve

This represent an asset revaluation on our investment in Biovaccine of N408,000,000 and an unrealised foregin balance translation gain of N11,783,000

27. Borrowings (continued)

CBN Intervention Fund

The Central Bank of Nigeria (CBN) Intervention fund to Manufacturers in the sum of N1B , N2.5B and N850M BOI/CBN Loans were received in FEB 2020,July 2020 and FEB 2021 respectively at 5%-9% interest per annum. The CBN intervention facility of N2.5B is in two parts i.e N2B and N500 million working capital .Additionaly, we received N1B ans N1.5B in Feb 2026 from CBN/BOI at 9% and 15% interest

March

The Group

December

March

The Company

March December March

respectively. The facilities are covered by a negative pledge on the assets of the Company.

2026 2025				2025	2026 2025 2025
		N'000	N'000	N'000	N'000	N'000	N'000
28.	Trade and other payables
	Trade creditors	2,398,526	1,287,757	2,671,904	2,284,759	1,236,602	2,669,585
Other payables:		- -	- -	- -		-		-
Accruals		223,025	499,344	804,357		164,774	413,731	760,358
Witholding tax payable		299	5,290	9,350		-	4,303	8,120
Dividend payable (Note 28.1)		303,483	303,485	288,921		303,483	303,485	288,921
Due to related Party		-	-	-		-	-	-
Statutory and other Payables		215,907	205,664	154,275		207,153	194,467	146,033
		742,715	1,013,783	1,256,903		675,411	915,986	1,203,432
		3,141,241	2,301,540	3,928,807		2,960,170	2,152,588	3,873,017

Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 45 days. For most suppliers no interest is charged on the trade payables from the date of the invoice. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

The directors consider that the carrying amount of trade payables approximates to their fair value.

	March	The Group December	March		March	The Company December	March
	2026	2025	2025		2026	2025	2025
	N'000	N'000	N'000		N'000	N'000	N'000
28.1 Dividend payable At 1 January	303,485	288,923	288,923		303,485	288,923	288,923
Declared	-	690,094	-		-	690,094	-
Refund	-	14,586	-		-	14,586	-
Paid	(2)	(690,118) (2)		(2)		(690,118) (2)
At 31st March	303,483	303,485	288,921	303,483		303,485	288,921

The balance at year end represents the amount that are yet to be received by shareholders.

	March	The Group December	March	March		The Company December	March
	2026	2025	2025	2026		2025	2025
	N'000	N'000	N'000	N'000		N'000	N'000
29. Employee benefit payable
At 1 January	33,645	32,834	32,834		33,645	32,834	32,834
Charge for the year Payment during the year	- (2,871)	811 -	- (1,342)		(2,871)	811 -	(1,342)
At 31st March	30,774	33,645	31,492		30,774	33,645	31,492

The Employee benefit payable relates to the gratuity scheme operated for its employees called sweetner. The scheme requires the Company to calculate the gratuity entitlements of the employees each month which is 4% of Basic, Housing and transport. This is payable monthly to FBN quest, the fund administrators.

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
30. Other liabilities	N'000	N'000	N'000	N'000	N'000	N'000
Deferred income	704,601	759,294	928,950	704,601	759,294	928,950
	704,601	759,294	928,950	704,601	759,294	928,950

The deferred revenue represents the grant element of CBN loans, after the loans were re-measured using the effective interest rate(Fair value). The government grant has been recognised as deferred income that will be recognised in the profit or loss on a systematic basis over the tenure of the loan in accordance with IAS 40.

Related party information

Identify related parties
The related parties to the Company include:
Osworth Nigeria Limited - An wholly owned subsidiary of the Company involved in the distribution of pharmaceutical products.
Tydipacks Nigeria Limited- An wholly owned subsidiary of the Company involved in healthcare and industrial packaging.
Servisure Nigeria Limited- An wholly owned subsidiary of the Company involved in the distribution of pharmaceutical products.
Ty Holdings Limited- A Company owned by the Chairman, Board of Directors.
Biovaccines Limited - (see note 17)
Biovaccines Nigeria Limited has commenced business and successfully completed the supply of its first vaccine order from the National Primary Healthcare Dev. Agency, and awaiting a new order. The company has received grant of $1,600,000 from mRNA technology transfer program to build and equip a laboratory
Key Management personnel
The Key management personnels of the Group include its directors ( both executive and non-executive) and other identified key management staff. Senator Daisy E. Danjuma Non-executive Director (Chairman)
Mr Patrick Ajah Executive Director (MD/CEO)
Mr. Aboderin S. A. Executive Director (CFO)
Dr. Rahila Ilegbodu Non-executive Director
Mr. Kolawole Olalekan Durojaiye Non-executive Director
Mr. Micheal Odumodu Non-executive Director
Mr. Osagie Omenai Non-executive Director
Chief S. M. Onyishi Non-executive Director
Mrs. E. Essien Head Human Capital Development
Mr. G. O Obiakor Head Internal Control and Compliance
Mr. S. Ajalaye Head Pharma, Plant Manufacturing Operation.
Mr . O. Emeribe Head Pharma, Sales & Marketing

Related party transactions

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note.

Sales of goods to related parties were made at the Group's usual price list. Purchases were made at market price discounted to reflect the quantity of goods purchased and the relationships between the parties.

The amounts due from and to related companies arose from sale and purchase of goods and services and other payments made for the related companies

The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No expense has been recognised in the current or prior years for bad or doubtful debts in respect of the amounts owed by related parties.

March	The Group December	March	March	The Company December	March
2026	2025	2025	2026	2025	2025
N'000	N'000	N'000	N'000	N'000	N'000 Due
					from/(to)
					related

Related party transactions
Due (from)/to related company
company
Osworth Nigeria Limited - - 139,542 159,877.0 59,631
Biovaccines Nigeria Limited 166,742 166,742 140,666 100,439
Servisure - - 23,651 23,651 22,396
Tydipacks Nigeria Limited - 13,910 13,910 12,656
166,742 - 343,845 338,104 195,123

Loans to related parties

No loan was granted to any related entity or key management personnel or entities controlled by them.

31.6 Remuneration of key management personnel

The remuneration of the directors, who are the key management personnel of the Company, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

	March	The Group December	March	March	The Company December	March
	2026	2025	2025	2026	2025	2025
	N'000	N'000	N'000	N'000	N'000	N'000
Director's remuneration Director's fees	-	9,300	-	-	9,300	-
Salaries and allowances	34,611	134,835	23,104	34,611	134,835	23,104
	34,611	144,135	23,104	34,611	144,135	23,104

MAY & BAKER NIGERIA PLC

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2026.

Financial risk management objectives
The company's Corporate Treasury function provides services to the business, co-ordinates foreign exchage transactions, monitors and manages the financial risks relating to the operations of the company through internal risk reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk.
Market risk
The Company's exposure to variations in foreign exchange rate and interest rates are minimal and the Company is not expected to be exposed to these risks at a higher than minimal level.

Foreign currency risk management

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group's exposure to the risk of changes in foreign exchange rates is minimal as the Group's borrowing activities are in local currency and trade customers are billed in Naira. Exposure to foreign exchange risk only relates to purchase of operating materials (e.g. raw materials and specialised products) abroad, this is minimised by restricting imports to circumstance where no local alternative exist. The Group makes use of letter of credit facilities to transact with foreign suppliers.

	March 2026	March 2025
Exposure to foreign currency
Bank account In US Dollars	181,632	518,736
In Euros	3,674	3,552
In GBP	752	752

The Group is not materially exposed to foreign currency changes as most of trading transactions and borrowing activities are denominated in Naira.

Credit risk management

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Group is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions.

	The Group March March			The Company March March
	2026	2025		2026	2025
Exposure to credit risk	N'000	N'000		N'000	N'000
Trade receivables	2,571,585	1,643,769		2,478,243	1,671,349
Other receivables	894,794	566,834		1,007,653	958,188
Bank balances	7,913,286	5,079,433	6,779,532 4,968,319
	11,379,666	7,290,036	10,265,428 7,597,856

Financial Instruments
1. Capital risk management
  The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders through the
  The capital structure of the Group is made up of debts (bank overdrafts, commercial papers and term loans) and equity comprising issued capital, retained earnings and
  The Group is not subject to any externally imposed capital requirements.
  The Group's risk management team reviews the capital structure periodically. As part of this review, the committee considers the cost of capital and the risks associated
  The risk management team monitors the gearing ratio to ensure its within the Group's targeted level. The current gearing ratio of the Group and Company is as below:
  March 2026 N'000

DECEMBER March 2025 2025

N'000 N'000

Gearing ratio

The gearing ratio is as follows:

Net debt Debt	4,166,001	4,748,195	5,974,086
Cash and cash equivalents	(7,913,286)	(3,223,020) (2,545,816)
Net Debt	(3,747,286)	1,525,175 3,428,269
Equity Ordinary shares	862,617	862,617	862,617
Share premium	3,012,065	3,012,065	3,012,065
Retained earnings	10,632,327	5,610,311	3,183,581

Revaluation reserve

408,144 408,144 408,144

14,915,154 9,893,137 7,466,407

Net debt to equity ratio -0.25 0.15 0.46

1. Debt is defined as current- and non current borrowings (as described in note 27).
2. Equity includes all capital and reserves of the Group that are managed as capital.
Categories of financial instruments

The Group's financial assets and financial liabilities as at the reporting date is tabulated below:

Non financial March '2026 assets TOTAL

Loans and receivables

Group 2026

N'000		N'000	N'000
Assets Intangible assets		17,762	17,762
Property, plant and equipment	-	7,458,557	7,458,557
Investment in Joint Venture	-	1,137,938	1,137,938
Investment in subsidiaries	-	-	-
Inventories	-	4,683,366	4,683,366
Trade and other receivables	3,320,116	-	3,320,116
Cash and bank balances	7,913,286	-	7,913,286
Other assets	-	2,307,808 2,307,808
	11,233,402	15,605,432 26,838,834

Amortised cost

Non-financial liabilities

Total

Liabilities	N'000	N'000	N'000
Borrowings	4,166,001	-	4,166,001
Deferred tax liabilities	-	1,297,331	1,297,331
Other liabilities	-	-	-
Employee benefit	30,774		30,774
Trade and other payables	3,141,241	-	3,141,241
Current tax liabilities	-	2,571,949 2,571,949
	7,338,015	3,869,280 11,207,296

The Group's financial assets and financial liabilities at the reporting date is tabulated below:

GROUP 2025

	Loans and receivables N'000	Non financial assets March '2025 N'000 TOTAL
Assets Intangible assets		12,326	12,326
Property, plant and equipment	-	6,011,442	6,011,442
Investment in Joint Venture	-	1,162,803	1,162,803
Inventories	-	6,963,310	6,963,310
Trade and other receivables	1,970,887	-	1,970,887
Cash and bank balances	5,079,433	-	5,079,433
Other assets	-	5,187,001	5,187,001
Short term investment	-	-	-

- - -

7,050,320 19,336,882 26,387,201

Amortised cost

Non-financial liabilities

Total

Liabilities	N'000	N'000	N'000
Borrowings	7,969,849	-	7,969,849
Deferred tax liabilities	-	1,148,418	1,148,418
Other liabilities	-	-	-
employee benefits	31,492		31,492
Trade and other paya	3,928,807	-	3,928,807
Current tax liabilities	-	1,340,676 1,340,676
	11,930,148	2,489,094 14,419,242

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2026.

Categories of financial instruments (Cont'd)

March 2026 Total

Non financial assets

Loans and receivables

The Company's financial assets and financial liabilities as at the reporting date is tabulated below:

Company 2026

N'000		N'000	N'000
Assets
Intangible assets	-	8,494	8,494
Property, plant and equipment	-	7,390,254	7,390,254
Investment in Joint Ventu	-	1,326,886	1,326,886
Investment in subsidiaries	-	3,000	3,000
Inventories	-	4,092,250	4,092,250
Trade and other receivables	3,034,505	-	3,034,505
Cash and bank balances	6,779,532	-	6,779,532
Other assets	-	2,186,131	2,186,131
	9,814,037	15,007,016	24,821,053

Amortised cost		Non- financial liabilities	Total
Liabilities	N'000	N'000	N'000
Borrowings	4,036,592		4,036,592
Deferred tax liabilities	-	1,301,214	1,301,214
Employee benefit	30,774		30,774
Trade and other payables	2,960,170		2,960,170
Current tax liabilities	-	2,188,456	2,188,456
	7,027,535	3,489,670	10,517,205

Company 2025

Loans and receivables

Non financial assets

March 2025 Total

Assets Intangible assets		12,256	12,256
Property, plant and equipment	-	5,960,089	5,960,089
Investment in Joint Venture	-	1,326,886	1,326,886
Investment in subsidiaries	-	3,000	3,000
Inventories	-	6,173,518	6,173,518
Trade and other receivables	2,054,191	-	2,054,191
Cash and bank balances	4,968,319	-	4,968,319
Other assets	-	4,824,964	4,824,964
	7,022,510	18,300,712	25,323,223
	Amortised	Nonfinancial	Total
Liabilities	cost N'000	liabilities N'000	N'000
Borrowings	7,855,427	-	7,855,427
Deferred tax liabilities Other liabilities	- -	1,139,069 -	1,139,069 -
employee benefits	31,492	-	31,492
Trade and other payables	3,873,017	-	3,873,017
Current tax liabilities	-	1,136,543	1,136,543
	11,759,936	2,275,612	14,035,548

MAY & BAKER NIGERIA PLC

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2026.

1. Trade receivables
  Customer credit risk is managed by each business unit subject to the Group's established policy, procedures and control relating to customer credit risk management. Credit quality of the customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. A sales representative is attached to each customer and outstanding customer receivables are regularly monitored by the representative. The requirement for an impairment is analysed at each reporting date on an individual basis for major customers, additionally, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.
  Collateral and other credit enhancements
  The Group does not hold any collateral or other credit enhancements from customers. On a case by case basis the group creates a legal right of offset against any amount owed by the group to the counter party.
  Concentration risk
  The Group evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.
  There are no customers during the current reporting period that represents more than 5% of the total trade receivables.
2. Other receivables
  This is mainly from due from related companies. The Group's financial controller continously monitors and reviews the receivables.
3. Deposits with banks and other financial institutions
  Credit risk from balances with banks and financial institutions is managed by the Group's treasury department in accordance with the Group's policy. Surplus funds are spread amongst reputable commercial banks and funds must be within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Group's financial controller periodically and may be updated throughout the year subject to approval of the Group's Chief Exceutive Officer. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through potential counterparty's failure. The Group's maximum exposure to credit risk for the components of the statement of financial position is its carrying amount.
Liquidity risk management

The Group monitors its risk to a shortage of funds by maintaining a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans and by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. It also ensures that short term funds are used strictly for working capital purposes while capital projects are funded from long tenored borrowings. Access to sources of funding is sufficiently available.

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