Nigeria, Feb. 12 -- Pharmaceutical company May & Baker Nigeria Plc reported a 56 percent profit gain, an eight-year high, despite the industry's impact from rising inflation, foreign exchange shortages, and high operating costs.

The company's profit increased by 130 percent, 102 percent, and 1,477 percent, respectively, in the first, second, and third quarters of 2024.

However, due to high operating costs and fewer benefits from income-generating operations, the company recorded a 69.2 percent fall in its after-tax profit during the fourth quarter (Q4).

May & Baker and Fidson Healthcare defied the trend by recording robust growth after the 2024 fiscal year, even though drugmaker manufacturers' profits have been disappointing thus far....