• Friday, June 21, 2024
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Fidson grows profit by 157%, declares 50k per share dividend

Here’s what to know as Fidson eyes N20bn capital raise

Shareholders of Fidson Healthcare plc, a Nigerian pharmaceuticals manufacturer, will receive a dividend of 50 kobo per share.

This was approved at the company’s 23rd annual general meeting, held on Thursday, July 28, 2022, in Lagos. The dividend is a 100 percent improvement on the 25 kobo per share declared in the 2020 financial year.

The company in the year ended December 31, 2021, recorded a turnover of N30.860 billion, compared to N18.275 billion in 2020, representing an increase of 69 percent.

Operating profit also grew from N3.097 billion in 2020 to N5.862 billion in 2021, representing an increase of 89 percent. Similarly, profit after tax increased from N1.205 billion in 2020 to N3.097 billion during the year under review, representing an increase of 157 percent.

Given the outstanding performance recorded in the year under review, the board in addition to the dividend was pleased to propose a bonus of one new ordinary share for every 10 ordinary shares of 50 kobo held by shareholders as at the record date. The shareholders unanimously approved this.

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Segun Adebanji, chairman, board of directors of the company, in a statement, said Fidson continued to champion innovation and capacity expansion to address customers’ need for affordable and high-quality drugs despite the unfriendly socio-economic realities in Nigeria.

Though he acknowledged the effect of the economic challenges such as the foreign exchange situation, rising operating costs, poor government funding of the health sector and the incessant closure of markets, especially in the South-eastern part of Nigeria which disrupted the supply chain and regular supplies of our products around the country; he stressed the resolve of the company’s leadership not to drop the ball.

“The board and management of our company remain determined to sustain our industry position as the pharma company of choice, not only in Nigeria but also in the entire African continent. We will continue to champion innovation and capacity expansion to meet the strategic goals and priorities of our company to address our customers’ need for affordable and high-quality drugs,” said Adebanji, FCA

The highlight of the event was the interactive session where shareholders expressed their satisfaction with the performance of the company. They thanked the management of Fidson under the leadership of the managing director, Fidelis Ayebae for its proactive leadership amid daunting economic conditions.