MeCure proposes 0.15 kobo dividend per share, posts N2.9bn profit

MeCure Industries Plc, a pharmaceutical company in Nigeria, has proposed a final dividend of 0.15 kobo per share payable to shareholders whose names appear in the Register of Members as at the close of business on May 17, 2024.

This was disclosed during the company’s Annual General Meeting held in Lagos last week.

According to the AGM resolution statement on the Nigerian Stock Limited, the dividend payment was for the financial year ended in 2023.

“A dividend payment of 0.15 kobo per share was declared as a dividend for the financial year ended December 31, 2023, payable forthwith to the shareholders whose names appear in the Register of Members as at the close of business on May 17, 2024 subject to deduction of appropriate withholding tax,” the statement said.

Read also: MeCure Industries unveils device to boost drug safety

It added that the election of Olatunji Bamidele, Odunuga Samiat, and Yakubu Mosuro as members of the statutory audit committee was approved to serve along with Chidi Okoro and Joseph Oyeyemi Babatunde, representative of the board until the conclusion of the next AGM.

In the company’s unaudited financial statement for 2023, MeCure’s after-tax profit slightly grew to N2.9 billion from N2.61 billion in the previous year.

Its revenue increased by 19.5 percent to N31.8 billion from N26.6 billion while its cost of sales grew to N21.5 billion from N17.8 billion in 2022.

“Marketing expenses stood at N1.14 billion from N957.7 million while Administrative expenses grew to N3.1 billion from N2.6 billion,” the statement said.

Its total assets surged by 55 percent to N41.7 billion from N26.9 billion while its total liabilities increased to N29.5 billion from N17.7 billion in 2022.