Fidson Healthcare recorded a full-year profit of N4.13 billion in December 2022 which indicates the highest in five years on the back of ethical and Over-The-Counter goods sales, BusinessDay analysis has shown.
The firm recorded a profit after tax of N4.13 billion in the full year of 2022, 11 percent increase from N3.72 billion in the full year of 2021.
Fidson’s sale of ethical goods contributed 66 percent of the total revenue in December 2022, Over-The-Counter(29.4%) and Consumer Healthcare Products (4.5%).
Fidson’s revenue grew 31.6 percent to N40.63 billion in the full year of 2022 from N30.86 billion in the full year of 2021.
The sales of ethical goods climbed 33.3 percent to N26.82 billion in December 2022 from N20.11 billion in December 2021.
Over-The-Counter goods sales stood at N11.96 billion, up 12.5 percent from N10.63 billion in the comparable period.
Consumer healthcare products grew to N1.85 billion in December 2022 from N117.36 million in December 2021.
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The firm’s cost of sales stood at N23.45 billion in the full year of 2022, a 49 percent increase from N15.75 billion in the full year of 2021.
Fidson’s other operating income grew to N817.5 million in December 2022, up 37 percent from N596.55 million in December 2021.
The firm’s administrative expenses dropped 11 percent to N5.71 billion in December 2022 from N6.41 billion in December 2021.
Fidson’s selling and distribution expenses grew 43 percent to N4.9 billion from N3.42 billion in the reviewed period.
Finance income climbed 16 percent to N65.42 million from N77.72 million in the comparable period.
Finance costs increased to N1.76 billion in the full year of 2022, 44 percent from N1.22 billion in the full year of 2021.
Income tax provision grew 54 percent to N1.54 billion in the full year of 2022 from N997.7 million in the full year of 2021.
The firm’s property, plant, and equipment grew to N19.57 billion in the full year of 2022, a 31.3 percent increase from N14.9 billion in the full year of 2021.
Trade and other payables climbed 58 percent to N7.01 billion in December 2022 from N4.44 billion in December 2021.
Net cash flow from operating activities dropped 24 percent to N5.4 billion in the full year of 2022 from N7.15 billion in the full year of 2021.
Net cash utilised by investing activities recorded a negative of N4.83 billion in the full year of 2022 from a negative cash flow of N2.07 billion in the full year of 2021.
Net cash from financing activities climbed to a positive cash flow of N323.28 million from a negative cash flow of N4.07 billion in the comparable period.
Loans and receivables grew 5 percent to N14.7 million from N14.02 million in the period reviewed.
Cash and cash equivalents increased by 8.2 percent to N2.11 billion in the full year of 2022 from N1.95 billion in the full year of 2021.
Basic and diluted earnings per share stood at N181 in the full year of 2022 from N178 in the full year of 2021.
