In Q3:2022 standalone, May and Baker Nigeria Plc (MAYBAKER) delivered its highest quarterly topline performance in the year, recording revenue of NGN3.57bn. This also represents its highest Q3 performance on record. On a cumulative basis, the firm’s 9M:2022 revenue expanded by 28.31% YoY to NGN10.35bn bolstered by an increase (+28.38% YoY) in revenue from the Pharmaceutical (which makes up c. 99% of revenue) segment.
FIDSON’s topline expanded by 44.15% in 9M:2022 buoyed by revenue growth across all its business segments: Pharmaceutical (+44.77% YoY), Ethical (+24.50% YoY) and consumer Healthcare Product (+2718.98% YoY). Cumulatively, revenue came in at NGN31.43bn (vs NGN21.80bn in 9M:2021). This also represents a 1.84% growth on 2021FY revenue (NGN30.86bn). Given that FIDSON typically records higher topline performance in the second half of the year, we view the Q3:2022 performance as a prelude to a stellar revenue growth in Q4:2022.
