May & Baker Nigeria Plc has disclosed plans to roll out a new five-year strategic plan to drive its next phase of business expansion, even as the company’s latest financial statements show a 47.7 per cent reduction in borrowings.
An analysis of the company’s unaudited financial statements for the first quarter of 2026 by The PUNCH showed that May & Baker’s total group borrowings fell from N7.97bn in March 2025 to N5.60bn by December 2025, a decline of N2.37bn, or 29.7 per cent.
Borrowings dropped further to N4.17bn by March 2026, down another N1.43bn, or 25.5 per cent, from the December 2025 figure, bringing the total year-on-year reduction to N3.80bn, or 47.7 per cent.
The debt reduction came even as other line items on the company’s balance sheet expanded. Cash and cash equivalents rose from N5.08bn in March 2025 to N7.91bn in March 2026, an increase of 55.8 per cent, while total equity grew from N11.04bn to N14.93bn, up 35.2 per cent, over the same period.
Property, plant and equipment also rose from N6.01bn to N7.46bn, an increase of 24.1 per cent, indicating that the company continued to invest in fixed assets despite the falling debt profile.
