May & Baker Nigeria Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	38,263	28,905	19,695	14,328	11,902
Revenue Growth (YoY)	32.38%	46.76%	37.46%	20.39%	26.75%
Cost of Revenue	25,651	20,981	13,355	10,616	7,337
Gross Profit	12,613	7,924	6,341	3,712	4,565
Selling, General & Admin	6,416	5,508	5,034	3,219	2,906
Other Operating Expenses	-57.98	-22.25	-0.47	-4.47	-28.02
Operating Expenses	6,358	5,486	5,033	3,214	2,878
Operating Income	6,255	2,439	1,308	497.91	1,687
Interest Expense	-679.64	-514.88	-442.09	-455.07	-424.54
Interest & Investment Income	711.57	407.49	383.55	231.48	59.43
Earnings From Equity Investments	-20.84	-27.19	57	-25.57	-33.8
Currency Exchange Gain (Loss)	0.05	36.78	-	416.75	-
Other Non Operating Income (Expenses)	207.39	144.76	151.72	169.04	157.71
EBT Excluding Unusual Items	6,473	2,486	1,458	834.54	1,445
Gain (Loss) on Sale of Assets	10.64	2.13	16.94	1,185	-
Pretax Income	6,540	2,573	1,520	2,084	1,460
Income Tax Expense	2,103	951.88	436.52	593.64	410.77
Earnings From Continuing Operations	4,437	1,621	1,083	1,491	1,050
Net Income	4,437	1,621	1,083	1,491	1,050
Net Income to Common	4,437	1,621	1,083	1,491	1,050
Net Income Growth	173.70%	49.67%	-27.34%	42.02%	8.82%
Shares Outstanding (Basic)	1,725	1,725	1,725	1,725	1,725
Shares Outstanding (Diluted)	1,725	1,725	1,725	1,725	1,725
EPS (Basic)	2.57	0.94	0.63	0.86	0.61
EPS (Diluted)	2.57	0.94	0.63	0.86	0.61
EPS Growth	173.69%	49.67%	-27.34%	42.02%	8.82%
Free Cash Flow	2,902	2,229	-288.19	320.16	-2,848
Free Cash Flow Per Share	1.68	1.29	-0.17	0.19	-1.65
Dividend Per Share	-	0.400	-	0.300	0.300
Gross Margin	32.96%	27.41%	32.19%	25.91%	38.35%
Operating Margin	16.35%	8.44%	6.64%	3.48%	14.17%
Profit Margin	11.59%	5.61%	5.50%	10.40%	8.82%
Free Cash Flow Margin	7.58%	7.71%	-1.46%	2.23%	-23.93%
EBITDA	7,058	3,167	1,900	1,054	2,250
EBITDA Margin	18.45%	10.96%	9.65%	7.36%	18.91%
D&A For EBITDA	803.09	728.26	592.57	556.57	563.43
EBIT	6,255	2,439	1,308	497.91	1,687
EBIT Margin	16.35%	8.44%	6.64%	3.48%	14.17%
Effective Tax Rate	32.16%	37.00%	28.73%	28.48%	28.13%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.