Fidson Healthcare Plc has recorded its strongest financial performance in three years, delivering a sharp rise in revenue, profit and cash flow for the year ended December 31, 2025, despite inflationary pressures and high interest rates weighing on Nigeria’s manufacturing sector.
The pharmaceutical manufacturer reported revenue of N119.1 billion in 2025, a significant jump from N84.2 billion in 2024 and N53.1 billion in 2023, driven by higher sales volumes across its ethical drugs, over-the-counter medicines and consumer healthcare products. The strong top-line growth comes at a time when many local manufacturers are struggling with foreign exchange scarcity, rising input costs and elevated borrowing expenses.
Profit after tax rose to N9.3 billion from N5.8 billion recorded in the previous year, pushing earnings per share up to 388 kobo from 252 kobo. Fidson’s shares were trading at N68.00 on the Nigerian Exchange as of January 29, 2026, reflecting improved investor confidence following the release of its full-year results.
Gross profit climbed to N49.1 billion in 2025, compared with N35.1 billion in 2024, supported by improved pricing and higher output. Operating profit also strengthened, rising to N20.9 billion from N13.1 billion in the prior year. This growth came despite an increase in administrative expenses to N13.6 billion and selling and distribution costs of N10.0 billion, largely due to expanded distribution networks and higher market engagement.
According to analysis by Brandspur Banking News Desk, finance costs remained one of the company’s key pressure points, increasing to N7.1 billion from N5.5 billion in 2024 as interest rates stayed elevated. However, relatively moderate foreign exchange losses during the year helped limit the overall impact on profitability.
Cash flow performance marked a major turnaround. Net cash generated from operating activities stood at N13.4 billion, reversing a N505 million outflow recorded in the previous year. The improvement was attributed to stronger earnings and tighter working capital management, including better inventory control and collections.
Fidson also accelerated capital investment during the year, spending N7.8 billion on property, plant and equipment, more than double the N3.7 billion invested in 2024. The expansion aligns with the company’s strategy to deepen local manufacturing capacity and reduce reliance on imported pharmaceutical products.
By year-end, cash and bank balances increased to N4.7 billion from N3.6 billion, while total assets rose to N80.4 billion. Shareholders’ equity strengthened to N30.8 billion, supported by higher retained earnings, while total liabilities remained largely unchanged at N49.7 billion.
The company increased dividends paid to shareholders to N2.3 billion from N1.4 billion, signalling confidence in earnings sustainability. Fidson currently ranks among the most actively traded stocks on the Nigerian Exchange, with a market capitalisation of about N156 billion.
The strong performance underscores broader shifts within Nigeria’s pharmaceutical industry, as rising healthcare demand, reduced presence of multinational drug makers and policy support for local production continue to reshape the sector.
