One of the top pharmaceutical businesses in Nigeria, Fidson Healthcare Plc, has promised to keep growing both its brand portfolio and manufacturing capacity in spite of the difficult business climate.
At the company’s 25th Annual General Meeting (AGM), which took place in Lagos, Founder and Managing Director, Dr. Fidelis Ayeb made this pledge.
In addition to the management’s dedication to operational excellence and commercial expansion, he credited the company’s growth to the trust and support of its stakeholders and customers.
He said: “We continuously strive to expand our manufacturing facilities and brand portfolio, developing our capacity to manufacture all forms of pharmaceutical products. Within one year, we have increased our offerings of eye and ear drops, commenced the development of dialysis fluid, and pioneered the local production of ampoule injections in the country.
“These expansion projects are not only viable but also secure our long-term competitiveness and align with the expectations of our numerous stakeholders who believe in our capacity to contribute significantly to the success of Nigeria’s pharmaceutical industry,” he added.
Fidson announced strong financial results for the year ended December 31, 2023, at its AGM. A dividend of 60 kobo per 50 kobo ordinary share was approved by shareholders, representing a 9.1% increase from the previous year.
The company claimed a 31% rise in turnover from N40.634 billion in 2022 to N53.050 billion in 2023. Operating profit increased from N7.489 billion in 2022 to N7.996 billion in 2023, a 6.78 percent growth, while profit before taxes increased from N5.781 billion in 2022 to N5.917 billion in 2023, a 2 percent increase. However, profit after taxes fell from N4.187 billion in 2022 to N3.607 billion in 2023, a decrease of 13.85%.
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Continuing, Olusegun Adebanji, the Chairman of the Corporation, stated that the company was facing higher costs overall, especially in energy, imports, and administrative costs.
He said: “The Board and Management have put measures in place to ensure operational efficiency and enhance the strength and affordability of our brands to minimise the adverse effects of the challenging economic environment on our operating results.”
However, The performance of the corporation was deemed satisfactory by the shareholders. Barrister Adetutu Siyonbola congratulated the management for maintaining reasonable product prices in spite of economic challenges, while Chief Timothy Adesiyan commended Fidson for its continuous dividend payments despite the adverse business environment.
