May & Baker, Nigeria’s oldest pharmaceutical company, reported a 51% year-on-year increase in pre-tax profit for the first half of 2026, reaching N4.85 billion.
The figure compares with N3.21 billion in the same period last year, according to the company’s unaudited half-year financial statements.
56 billion, while the wider listed pharmaceutical sector recorded a 46.
The profit growth was driven primarily by disciplined cost control measures implemented across the business.
This operational focus allowed the firm to expand margins despite the challenging macroeconomic environment in Nigeria, where inflation and currency volatility have pressured input costs for many manufacturers.
The results mirror a broader trend of resilience among Nigerian listed companies.
In recent weeks, Wema Bank reported a 53.65% jump in its own half-year pre-tax profit to N154.56 billion, while the wider listed pharmaceutical sector recorded a 46.5% increase in combined financial performance.