Fidson Announces Strong Financial Performance at 25th AGM

Declares a dividend of 60 kobo per 50 kobo ordinary shares.

Lagos, Nigeria, July 4, 2024

The Board of Fidson Healthcare Plc, Nigeria’s leading pharmaceutical manufacturing company, presented robust financial results at its 25th Annual General Meeting (AGM). At the meeting which held today in Lagos, Nigeria, shareholders unanimously approved the payment of a dividend of 60 kobo per 50 kobo ordinary shares for the year ended 31 December 2023. This dividend reflects a 9.1% increase over the 2022 dividend payout.

Despite the challenging operational environment in the country last year, the company reported an impressive turnover of ₦53.050 billion in 2023, compared to N40.634 billion in 2022, representing an increase of 31%. Attesting to its operational excellence, operating profit grew by 6.78%, from N7.489 billion in 2022 to N7.996 billion in 2023 while profit before tax also increased by 2%, from N5.781 billion in 2022 to N5.917 billion in the year under review. Profit after tax dropped by 13.85% from N4.187 billion in 2022 to N3.607 billion in 2023.

In his statement, the Company Chairman, Mr. Olusegun Adebanji explained that the business experienced increased cost in its operations mostly associated with energy, cost of importation and administrative expenses. “The Board and Management have put measures in place to ensure operational efficiency and enhance the strength and affordability of our brands in order to minimize the adverse effects of the challenging economic environment on operating results going forward.”

Making his remarks during the event, the founder and Managing Director, Dr Fidelis Ayebae credited the growth of the organisation to the sustained support, trust and interest of the company’s stakeholders and loyal customers as well as the management’s drive for excellence and business expansion.

“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 eye and ear drops offerings, commenced the development of dialysis fluid while pioneering the local production of ampoule injections in the country. This 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.”

Shareholders also expressed their satisfaction with the performance of the company. Chief Timothy Adesiyan said,” Fidson has been very consistent with dividend payment, and I appreciate the fact that despite a few business constraints in the country, they still managed to declare such a dividend, this stands them out from their peers in the industry.”

In the same vein, Barrister Adetutu Siyonbola commended the company’s management for keeping the price of products as affordable as possible despite the economic realities in the country.

Fidson Healthcare Plc’s remains committed to meeting the ever-increasing demand for pharmaceutical products in Nigeria and the African continent and has massively investing in assets and human capacity development to deliver value to stakeholders.