May & Baker Nigeria PlcNSENG: MAYBAKER

And baker- quarter 3 - financial statement for 2025

Oct 29, 2025 at 3:50 PM UTC · Issued by May & Baker Nigeria Plc

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

FOR THE PERIOD ENDED '30TH SEPTEMBER, 2025

UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30th September, 2025.

Continuing operations	Note	3 Months to September, 2 N'000	The G 9 Months September, 2025 N'000	roup 3 Months to September, 2024 N'000	9 Months September, 2024 N'000		3 Months to September, 2025 N'000	The Company 6 Months 3 Months to September, 2025 September, 2024 N'000 N'000		6 Months September, 2024 N'000
Revenue	5	10,241,847	29,525,378	7,851,044	21,821,614		8,959,707	26,775,789	7,121,881	19,876,592
Cost of sales		(6,799,928)	(19,413,057)	(5,440,804)	(15,062,034)		(6,001,378)	(17,679,300)	(4,929,724)	(13,864,295)
Gross profit		3,441,919	10,112,321	2,410,240	6,759,580		2,958,329	9,096,489	2,192,157	6,012,297
Other operating income/(Loss)	7	(52,077)	(17,790)	(232,222)	(106,191)		(52,753)	(41,821)	(192,455)	(127,080)
Distribution, sales and marketing expense		(1,064,024)	(3,088,803)	(844,118)	(2,213,725)		(948,074)	(2,786,813)	(740,165)	(1,965,508)
Administrative expenses		(614,846)	(1,926,837)	(644,504)	(1,549,893)		(592,261)	(1,889,091)	(626,384)	(1,501,179)
Operating profit/(loss)		1,710,972	5,078,891	689,396	2,889,771		1,365,241	4,378,764	633,153	2,418,530
Interest income	8	172,761	412,840	103,250	255,790		157,519	397,598	91,783	227,354
Finance costs	10	(147,535)	(541,651)	(157,987)	(360,702)		(136,445)	(507,536)	(143,288)	(296,724)
Share of proft/( Loss) of Joint Venture	17	(35,193)	(34,946)	(8,168)	(8,578)		-	-	-	-
Profit/(Loss) before tax		1,701,006	4,915,135	626,492	2,776,280		1,386,316	4,268,827	581,649	2,349,159
Current tax expense	13.1	(544,322)	(1,572,843)	(200,477)	(888,410)		(443,622)	(1,366,025)	(186,128)	(751,731)

Profit for the year	11	1,156,684	3,342,292	426,015	1,887,871		942,694	2,902,802	395,521	1,597,428
Other comprehensive income:
Items that will not be reclassified
Asset revaluation gain net of tax		-	-	-	-		-
Total comprehensive income		1,156,684	3,342,292	426,015	1,887,871		942,694	2,902,802	1,381,524	1,597,428
Earnings per share	14.
Basic (kobo per share) from continuing operation		67.04	193.73	24.69	109.43	54.64		168.26	80.08	92.59
Diluted (kobo per share) from continuing operation		67.04	193.73	24.69	109.43	54.64		168.26	80.08	92.59

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 30th September, 2025

The Group			The Company
September	December	September	September	December	September
2025	2024	2024	2025	2024	2024

	Note	N'000	N'000		N'000	N'000	N'000
ASSETS
Non-current assets
Property, plant and equipment	16	6,370,698	5,964,013	5,969,098	6,295,608	5,903,245	5,898,098
Intangible assets	15	12,305	13,234	14,142	12,266	13,149	14,042
Investment in Joint Venture	17	1,136,422	1,171,368	1,189,977	1,326,886	1,326,886	1,326,886
Investment in subsidiaries	18	-	-	- -	3,000	3,000	3,000 -
Total non-current assets		7,519,425	7,148,615	7,173,217	7,637,759	7,246,280	7,242,026
Current assets
Inventories	20	5,346,503	8,243,687	8,236,640	4,709,860	7,538,884	7,806,054
Trade and other receivables	21	2,785,977	1,620,327	1,505,325	2,597,920	1,413,286	1,274,800
Other assets	23	4,685,730	2,219,988	1,555,647	4,596,166	1,976,620	1,195,474
Cash and cash equivalents	22	5,416,442	3,223,020	2,750,484	4,756,749	3,126,678	2,431,519
Total current assets		18,234,652	15,307,022	14,048,096	16,660,695	14,055,468	12,707,847
Total assets		25,754,076	22,455,637	21,221,313	24,298,455	21,301,748	19,949,873
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	8,262,508	5,610,311	5,877,216	7,248,571	5,035,878	5,272,051
Asset revaluation reserve	26.1	408,144	408,144	408,144	408,144	408,144	408,144
Total equity		12,545,335	9,893,137	10,160,042	11,531,398	9,318,704	9,554,878
Non-current liabilities
Borrowings	27	2,439,389	1,199,390	1,271,533	2,439,389	1,199,390	1,271,533
Employee benefits	29	33,649	32,834	31,492	33,649	32,834	31,492
Deferred Income	30	588,256	186,491	204,879	588,256	186,491	204,879
Deferred tax liabilities	13	1,148,421	1,148,418	986,486	1,139,069	1,139,069	971,688
Total non-current liabilities		4,209,715	2,567,132	2,494,390	4,200,363	2,557,784	2,479,592
Current liabilities
Trade and other payables	28	3,204,249	5,557,265	3,772,925	2,981,787	5,457,468	3,597,215
Current tax liabilities	13	1,590,248	805,841	905,311	1,382,612	651,520	767,913
Borrowings	27	3,977,320	3,548,806	3,787,970	3,975,087	3,232,817	3,449,600
Deferred Income	30	227,208	83,456	100,675	227,208	83,456.00	100,675
Total current liabilities		8,999,026	9,995,368	8,566,881	8,566,694	9,425,261	7,915,403
Total liabilities		13,208,741	12,562,500	11,061,271	12,767,057	11,983,045	10,394,995
Total equity and liabilities		25,754,076	22,455,637	21,221,313	24,298,455	21,301,748	19,949,873

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 October 2025 (Lagos)

MAY & BAKER NIGERIA PLC UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30th September, 2025.

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 2024	862,617	3,012,065		4,506,915		408,144		8,789,741
Right issue			-				-	-
Profit for the period	-		-		1,887,871		-	1,887,871
Dividends paid	-		-		(517,570)		-	(517,570)
At 30th September, 2024	862,617		3,012,065		5,877,216		408,144	10,160,042

At 1 January 2025	862,617		3,012,065		5,610,311		408,144	9,893,137
Right Issue			-				-	-
Adjustment			-				-	-
Profit for the period	-		-		3,342,292		-	3,342,292
Dividends paid	-		-		(690,094)		-	(690,094)
At 30th September, 2025	862,617		3,012,065		8,262,508		408,144	12,545,334
					-
Equity attributable to equity
holders of the Company
At 1 January 2024	862,617	3,012,065		4,192,193		408,144		8,475,019
Profit for the Period	-		-		1,597,428		-	1,597,428
Dividends paid	-		-		(517,570)		-	(517,570)
At 30th September, 2024	862,617		3,012,065		5,272,051		408,144	9,554,877
At 1 January 2025	862,617		3,012,065		5,035,863		408,144	9,318,689
Adjustment	-		-				-	-
Profit for the Period	-		-		2,902,802		-	2,902,802
Dividends paid	-		-		(690,094)		-	(690,094)
At 30th September, 2025	862,617		3,012,065		7,248,571		408,144	11,531,397

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30th September, 2025.

		The Group			The Company
		September	December	September	September	December	September
		2025	2024	2024	2025	2024	2024
		N'000	N'000	N'000	N'000	N'000	N'000
Cash flows from operating activities
Cash received from customers		28,588,445	30,023,155	21,472,775	26,035,905	27,728,728	19,750,931
Cash paid to suppliers and employees		(25,930,922)	(26,314,780)	(18,289,373)	(24,485,595)	(23,506,376)	(16,611,092)
Taxes paid		(788,435)	(279,703)	(282,141)	(634,933)	(210,587)	(209,587)
Net cash from operating activities		1,869,087	3,428,673	2,901,261	915,377	4,011,765	2,930,252
Cash flows from Investing activities
Proceed from contract manufacturing		62,277	41,938	38,982	62,277	41,938	38,982
Other sundry income		54,112	80,631	66,641	52,649	80,631	66,605
Proceeds from sale of fixed assets		8,386	2,133	12,474	7,346	1,147	11,488
Interest received		412,840	407,490	255,790	397,598	367,214	227,354
Purchases of Intangible assets		(1,827)	(9,433)	(9,433)	(1,827)	(9,433)	(9,433)
Purchases of property, plant and equipment		(1,011,907)	(1,271,186)	(1,085,405)	(967,697)	(1,268,519)	(1,082,738)
Net cash used in investing activities		(476,119)	(790,365)	(720,951)	(449,654)	(828,960)	(747,742)
Cash flows from financing activities
Dividends paid		(690,094)	(517,570)	(517,570)	(690,094)	(517,570)	(517,570)
Additions to/(Repayment of) import facility		75,569	(941,236)	(1,487,598)	405,348	(1,196,391)	(1,487,056)
Loan received		2,500,000	-	-	2,500,000	-	-
Loans repaid		(386,760)	(814,567)	(669,167)	(386,760)	(814,567)	(669,167)
Unclaimed dividend returned		14,586	12,854	-	14,586	12,854	-
Finance cost		(692,874)	(370,115)	(360,702)	(658,759)	(370,115)	(296,724)
Net cash used in financing activities		820,426	(2,630,634)	(3,035,037)	1,184,320	(2,885,789)	(2,970,517)
Net increase/(decrease) in cash and	cash	2,213,395	7,673	(854,728)	1,650,043	297,016	(788,008)
Cash and cash equivalents at 1 January		3,184,285	3,176,612	3,176,612	3,087,943	2,790,927	2,790,927

Cash and cash equivalents at 30th September		5,397,680	3,184,285	2,321,884	4,737,987	3,087,943	2,002,919
Reconciliation of cash and bank balances to cash and cash equivalents
Cash and bank balance		5,416,442	3,223,020	2,750,484	4,756,749	3,126,678	2,431,519
Bank overdrafts , commercial papers, ETC		(18,762)	(38,735)	(428,600)	(18,762)	(38,735)	(428,600)
		5,397,680	3,184,285	2,321,884	4,737,987	3,087,943	2,002,919

MAY & BAKER NIGERIA PLC

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30th September, 2025.

Free Float Computation

	Company Name:	May & Baker Nigeria Plc
	Board Listed :	Main Board
	Year End:	December
	Reporting Period:	Quarter 3 Ended 30 September 2025
	Share Price at end of reporting period:	N16.30k (2024: N7.25K)
Shareholding Structure /Free Float Status		.

Description		30-Sep-25		30-Sep-24
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
Senator Daisy Danjuma	Representing Oil Tech Nigeria Ltd Representing Osis Yukiv Ltd	14,874,759	0.86%	14,874,759	0.86%
Senator Daisy Danjuma		11,088,000	0.64%	11,088,000	0.64%
Mr. Patrick Ajah		2,000	0.00%	2,000	-
Mr. Michael C. Odumodu (Ind 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 Representing Maydav Multi Resources Ltd Aboderin A.S		45,073,864	2.61%	45,073,864	2.61%
		93,500	0.01%	93,500	0.01%
Durojaiye Kolawole Olalekan		390,485	0.02%	370,485	0.02%
Mr. Osagie Omenai		-	0.00%	-	0.00%
Other Directors' Shareholdings		129,274,764	7.49%	129,274,764	7.49%

Total Directors' Shareholdings		1,116,717,997	64.73%	1,119,578,785	64.73%

ee Float in Units and Percentage 608,516,889 35.27% 605,656,101 35.27%

Free Float in Value (N)		9,918,825,290.70		4,391,006,732.25

Declaration:

May & Baker Nigeria Plc with a free float percentage of 35.27% as at 30th September, 2025, 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 2024
  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.
  2.2.2 IFRS 18 Presentation and Disclosure in Financial Statement Effective for on or after 1
  January 2027.
  IFRS 18 introduces newly defined 'operating profit' and 'profit or loss before financing and income tax'
  Under IFRS 18, companies are no longer permitted to disclose operating expenses only in the notes.
  - nature
  - function; or
  - using a mixed presentation
    If any operating expenses are presented by function, then new disclosures apply.
    IFRS 18 also requires some 'non-GAAP' measures to be reported in the financial statements. It
  - a subtotal of income and expenses;
  - used in public communications outside the financial statements; and
  - reflective of management's view of financial performance.
    For each MPM presented, companies need to explain in a single note to the financial statements why
    2.2.3 IFRS 19 Subsidiaries without Public Accountability Disclosures effective 1 January 2027
    IFRS 19 allows eligible subsidiaries to apply IFRS Accounting Standards with the reduced disclosure
  - it does not have public accountability
  - its parent produces consolidated financial statements under IFRS Accounting Standards available for A subsidiary applying IFRS 19 is required to clearly state in its explicit and unreserved statement of
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
    September December September
    2025 2024 2024
    The Company
    September December
    2025 2024
    September
    2024
    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	29,525,378 28,905,152 21,821,614	26,775,789	26,492,521	19,876,592
	Total revenue	29,525,378 28,905,152 21,821,614	26,775,789	26,492,521	19,876,592

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
September December September
2025 2024 2024
The Company
September December
2025 2024
September
2024
N'000 N'000 N'000 N'000 N'000 N'000
1. Segment revenue

29,185,741 28,704,316 21,683,446	26,436,152	26,291,685	19,738,424
339,636 200,836 138,168	339,636	200,836	138,168
29,525,378 28,905,152 21,821,614	26,775,789	26,492,521	19,876,592

Pharmaceuticals Beverage

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

	The Gr September	oup December	September	The C September	om	pany December	September
	2025	2024	2024	2025		2024	2024
	N'000	N'000	N'000	N'000		N'000	N'000
6.2 Segment Profit
Pharmaceuticals	10,053,211	8,490,100	6,738,184	9,037,379		7,593,179	5,990,901
Beverage	59,110	23,353	21,396	59,110		23,353	21,396
Total segment Gross profit	10,112,321	8,513,453	6,759,580	9,096,489		7,616,532	6,012,297
Other operating income (Note 7)	(17,790)	146,099	(106,191)	(41,821)		108,293	(127,080)
Interest Income (Note 8)	412,840	407,490	255,790	397,598		367214	227,354
Selling, marketing, Distribution and Admin costs	(5,015,640)	(6,096,898)	(3,763,618)	(4,675,904)		(5,556,950)	(3,466,687)
Finance costs	(541,651)	(370,115)	(360,702)	(507,536)		(370,115)	(296,724)
Share of (loss)/profit from joint venture	(34,946)	(27,187)	(8,578)	-	-		-
Profit before tax	4,915,135	2,572,842	2,776,280	4,268,827		2,164,974	2,349,159

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 Revenue from Revenue from Revenue				The Company Revenue Revenue from Revenue from
		External	External	from		from External	External	External
		Customers	Customers	External Customers		Customers	Customers	Customers
		September	December	September		September	December	September
		2025	2024	2024		2025	2024	2024
		N'000	N'000	N'000		N'000	N'000	N'000
East		9,583,586	9,438,569	7,212,999		8,580,450	8,718,922	6,640,331
West		6,763,232	6,158,298	4,587,609		6,251,173	5,812,454	4,317,381
Lagos		9,519,901	9,457,562	7,375,446		8,543,112	8,333,855	6,436,489
North		3,658,659 3,850,722 2,645,560			3,401,054 3,627,290 2,482,391
	Total	29,525,377	28,905,152	21,821,614		26,775,789	26,492,521	19,876,592

			The Group				The Company
		September	December	September		September	December	September
		2025	2024	2024		2025	2024	2024
		N'000	N'000	N'000		N'000	N'000	N'000
7.	Other operating income Income on contract manufacturing	28,488	84,936	3,575		28,488	84,899	3,575
	Miscelaneous Income (Note 7.1)	54,112	4,247	66,641		52,649	4,247	66,605
	Rental Income	11,250	18,000	14,250		11,250	18,000	14,250
	Exchange gain/(Loss)	(115,006)	36,783	(192,789)		(138,614)	-	(212,657)
	Profit/(loss) on disposal of PPE ( Note 7.2)	3,366	2,133	2,132		4,406	1,147	1,147
		(17,790)	146,099	(106,191)		(41,821)	108,293	(127,080)

Miscelaneous Income
Miscelaneous income represents insurance premiums received from various insurance companies and sales of scraps
Profit/Loss on disposal of PPE

This includes profit made from the sales of old vehicles,laptops and other non-critical PPEs

		September	The Group December	September	September	The Company December	September
		2025	2024	2024	2025	2024	2024
8.	Interest Income	N'000	N'000	N'000	N'000	N'000	N'000
	Bank interest	412,840	407,491	255,790	397,598	375,834	227,354
		412,840	407,491	255,790	397,598	375,834	227,354

The interest income is earned on short term investments (fixed deposits) with various commercial banks and fund managers 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	692,874	514,879	469,859	658,759	405,789	405,881
Deffered Income realised	(151,223)	(144,764)	(109,157)	(151,223)	(151,715)	(109,157)
Net Finance cost	541,651	370,115	360,702	507,536	254,074	296,724
11. Profit for the year is attributed to:
Owners of the bussiness	3,342,292	1,620,966	1,887,871	2,902,802	1,361,255	1,597,428
	3,342,292	1,620,966	1,887,871	2,902,802	1,361,255	1,597,428

All the profit of the Group is attributable to Owners of the company as there are no non-controlling interests.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30th September, 2025.

The Group

September December September 2025 2024 2024

Number Number Number

The Company

September December September 2025 2024 2024

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	1		1		0	1		1
250,001	- 300,000		1	0	-			1	0	-
300,001	- 350,000	-		0	-		-		0	-
350,001	- 400,000	-		0	-		-		0	-
400,001	- 450,000		40	42		41		40	42		41
450,001	- 500,000		23	24		24		23	24		24
500,001	- 550,000		10	10		10		10	10		10
550,001	- 600,000	-		0	-		-		0	-
600,001	- 650,000	-		0	-		-		0	-
650,001 - 700,000 30				26	20		23		18	12
700,001 and above 293				293	292		270		270	270
		- 397		396	388			367	365	358
The average number of persons employed in the financial
year are as follows:
Managerial		22		22	23			22	22	23
Senior staff		211		213	206			181	182	176
Junior staff		164		161	159			164	161	159
		397		396	388			367	365	358

13. Taxation	N'000	N'000	N'000	N'000	N'000	N'000
13.1 Current tax liabilities At 1 January	805,841	299,043	299,042	651,520	225,769	225,769
Charge for the year (see note below)	1,572,843	786,500	888,410	1,366,025	636,338	751,731
	2,378,684	1,085,544	1,187,452	2,017,545	862,107	977,500
Payment during the year	(788,435)	(279,703)	(282,141)	(634,933)	(210,587)	(209,587)
Closing Balance	1,590,248	805,841	905,311	1,382,612	651,520	767,913

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.

		September	The Group December	September	September	The Company December	September
		2025	2024	2024	2025	2024	2024
		N'000	N'000	N'000	N'000	N'000	N'000
13.2	Deferred taxation
	At 1 January	1,148,418	986,482	986,486	1,139,069	971,688	971,688
	Adjustment to opening bal	3	-
	Charge for the year	-	161,936	-	-	167,381	-
	As At 30th September	1,148,421	1,148,418	986,486	1,139,069	1,139,069	971,688

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30th September, 2025.

	September	The Group December	September	September	The Company December	September
	2025	2024	2024	2025	2024	2024
	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	3,342,292	1,620,966	1,887,871	2,902,802	1,361,255	1,597,428
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	193.73	93.96	109.43	168.26	78.90	92.59
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	193.73	93.96	109.43	168.26	78.90	92.59
15. Intangible assets
Software	12,305	13,234	14,142	12,266	13,149	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 30th September, 2025.

Fixed asset schedule

GROUP - FIXED ASSETS SCHEDULE AT 30th September, 2025

	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 2025	334,667	3,504,623	5,144,879	148,903	1,318,918	754,692	40,768	205,848	11,453,296	81,571	11,534,867
Additions	-	53,090	460,132	134,449.00	117,601	166,459	49,726.99	29,019.00	1,010,477	428,595	1,439,072
Disposals	-	-	(11,720.00)	-	(18,032)	(1,195)	-	(1,133)	(32,080)	-	(32,080)
Transfers from Capital WIP		-							-	(427,165)	(427,165)
At 30th September, 2025	334,667	3,557,713	5,616,731	283,352	1,454,551	922,346	90,495	236,000	12,431,693	83,001	12,514,695

Depreciation
At 1 January 2025	-	805,968	3,095,107	88,772	955,694	495,495	39,540	90,279	5,570,855		5,570,855
Charge for the year		49,656	222,073	19,526	201,361	91,646	908	11,935	597,105		597,105
Disposals	-	-	(3,724.00)	-	(18,031.00)	(1,084.00)	-	(1,123.00)	(23,962)		(23,962)
Transfers from Capital WIP									-		-
At 30th September, 2025	-	855,624	3,313,456	108,298	1,139,024	586,057	40,448	101,091	6,143,998	-	6,143,998
Net book value
At 30th September, 2025	334,667	2,702,089	2,303,275	175,054	315,527	336,288	50,047	134,909	6,287,695	83,001	6,370,697

COMPANY- FIXED ASSETS SCHEDULE AS AT 30th September, 2025 (0.99)

	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 2025	334,667	3,504,623	5,133,710	148,903	1,154,842	750,342	40,768	202,490	11,270,343	81,571	11,351,914
Additions	-	53,090	460,132	134,449.00	74,601	166,034	49,727	28,234	966,267	428,595	1,394,862
Transfers from Capital WIP	-	-	-	-	-	-		-	-	(427,165)	(427,165)
Disposals		-	(6,994)	-	(10,428)	(1,195)	-	(1,133)	(19,750)	-	(19,750)
At 30th September, 2025	334,667	3,557,713	5,586,848	283,352	1,219,015	915,181	90,495	229,591	12,216,860	83,001	12,299,862

Depreciation
At 1 January 2025		805,968	3,091,076	88,772	841,476	492,910	39,540	88,928	5,448,670		5,448,670
Charge for the year		49,656	221,270	19,526	175,338	91,027	908	11,613	569,338		569,338
Transfers from Capital WIP		-	-	-	-	-		-	-		-
Disposals		-	(1,120)	-	(10,427)	(1,084)	-	(1,123)	(13,754)		(13,754)
At 30th September, 2025	-	855,624	3,311,226	108,298	1,006,387	582,853	40,448	99,418	6,004,254	-	6,004,254
Net book value
At 30th September, 2025	334,667	2,702,089	2,275,622	175,054	212,628	332,327	50,047	130,173	6,212,606	83,001	6,295,608

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 3-8 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.

	September	The Group December	September	September	The Company December	September
	2025	2024	2024	2025	2024	2024
	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	291,507	351,791	265,343	291,507	351,791	257,690
Administrative expenses	154,846	175,364	140,948	153,591	172,614	135,774
Distribution, sales and marketing expenses	144,383	204,743	131,425	126,950	165,373	112,224
	590,736	731,898	537,716	572,048	689,778	505,688
17. Investment in Joint Venture
Opening Balance	1,171,368	1,198,555	1,198,555	1,326,886	1,326,886	1,326,886
Movement during the year-share of Profit/(loss)	(34,946)	(27,187)	(8,578)	-	-	-
Transfer to investment in JV	-	-	-	-	-	-
	1,136,422	1,171,368	1,189,977	1,326,886	1,326,886	1,326,886

			The Group			The Company
		September	December	September	September	December	September
		2025	2024	2024	2025	2024	2024
		N'000	N'000	N'000	N'000	N'000	N'000
18.	Investment in subsidiaries
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.

			The Group			The Company
		September	December	September	September	December	September
		2025	2024	2024	2025	2024	2024
20.	Inventories
	Raw/packaging materials	868,687	3,249,671	3,212,480	868,687	3,249,671	3,212,480
	Work-in-progress	281,383	426,041	134,820	281,383	426,041	134,820
	Finished goods	3,213,484	3,724,323	4,288,493	2,640,927	3,077,462	3,908,011
	Spare parts/consumables	982,950	843,652	600,847	918,864	785,710	550,743
		5,346,503	8,243,687	8,236,640	4,709,860	7,538,884	7,806,054
Stock write down		-	-	-	-
5,346,503			8,243,687	8,236,640		4,709,860	7,538,884	7,806,054

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 ( September, 2024 : Nil).

	September	The Group December	September	September	The Company December	September
	2025	2024	2024	2025	2024	2024
	N'000	N'000	N'000	N'000	N'000	N'000
21. Trade and other receivables
21.1 Trade receivables
Trade receivables	2,751,347	1,814,415	1,618,015	2,309,261	1,569,378	1,260,096
Less: allowance for doubtful debts	(345,549)	(386,061)	(389,961)	(314,906)	(355,418)	(361,732)
	2,405,798	1,428,354	1,228,054	1,994,355	1,213,960	898,364
21.2 Other receivables: Staff loans and advances	221,269	153,891	186,962	-193,639	128,563	-163,525
Sundry Receivables	85,922	31,215	94,693	85,235	30,528	94,693
Witholding tax recoverable	180,587	158,230	143,217	157,345	136,757	122,927
Due from related companies	132,117	88,354	71,792	387,273	107,382	194,595
	619,895	431,689	496,664	823,493	403,230	575,740
Less: allowance for doubtful debt	(239,716)	(239,716)	(219,393)	(219,927)	(219,927)	(199,304)
	380,179	191,973	277,271	603,565	183,303	376,436
Total trade and other receivables	2,785,977	1,620,327	1,505,325	2,597,920	1,397,262	1,274,800

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 September December September					September	The Company December	September
2025 2024 2024					2025	2024	2024
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	1,307,812	281,709	428,781	1,074,512	182,022	154,193
	31-60 days	475,533	474,603	444,135	387,209	418,867	417,413
	61-90 days	219,966	363,278	153,927	178,497	304,005	147,623
	91-150 days	147,690	220,704	109,256	111,686	203,564	93,967
	150-360 days	240,139	148,804	234,844	222,943	136,777	199,828
	Over 360 days	360,208	324,681	247,072	334,414	323,506	247,072
	Total	2,751,348	1,813,778	1,618,015	2,309,261	1,568,741	1,260,096

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.

	September	The Group December	September	September	The Company December	September
	2025	2024	2024	2025	2024	2024
	N'000	N'000	N'000	N'000	N'000	N'000
Movement in the allowance for doubtful debts
At 1 January	625,777	644,271	644,271	575,345	596,083	595,953
Impairment losses recognised /(write back)	-	20,753	-	-	20,623	-
Bad debt written off in the year	(40,511)	(39,247)	(34,917)	(40,511)	(41,361)	(34,917)
Amounts recovered during the year	-	-	-	-	-	-
Total	585,266	625,777	609,354	534,834	575,345	561,036

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

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