The management of May & Baker Nigeria Plc has announced plans to seek fresh funds to support its effort aimed at business expansion.
The company said that the additional capital would also be used to ensure the sustainability of the health care company to perform above competition.
A statement by the company on Friday quoted the Chairman, May & Baker, Lt. Gen Theophilus Danjuma (retd), as saying this at the company's Annual General Meeting in Lagos.
He noted that the management was in discussions on the best approach to increase the company's capital base, adding that this was necessary to enable it have the required liquidity to succeed in the business environment.
He stated that the huge investments in the world-class pharmaceutical manufacturing centre in Ota, Ogun State, the company's vaccine manufacturing joint venture with the Federal Government, new products and other initiatives would also assist to provide a stable base for the company's growth in the years ahead.
He also said the company had rolled out a new five-year strategic plan that would seek to harness all opportunities to increase the group's earnings and returns to shareholders, adding that profit was also expected to increase in 2013 as the company optimized production and cost efficiencies.
"Our company is well-positioned for the future with a lot of potentials from the strategic investment we have made in Ota and other attractive business prospects in our site. As we vigorously pursue our new five-year strategic plan with all the opportunities it presents, we can only hope for better performance and stronger earnings capacity going forward," he said.
He noted that the company had projected turnover of N9.6bn for 2013 based on the optimism on expected increased output from its new manufacturing plant, business restructuring efforts and expected reduction in financing costs following the soft loan received from T.Y Holdings during the last quarter of 2012.
The company's audited report and accounts for the year ended December 31, 2012 showed a turnover of N5.7bn, representing 18 per cent increase compared to N4.8bn in 2011, while gross profit grew to N2.1bn compared to N1.9bn the previous year.
Danjuma called on government to encourage local firms making effort to improve the quality of their products to international standards.
