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Fidson Healthcare's H1 earnings soar on gains from capacity expansion
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Given the strong top-line growth, Fidson said its after-tax profit rose 1077.5 percent to N466.1 million compared with N39.6 million a year earlier.
Fidson Healthcare, a leading Nigerian pharmaceutical company, has reported that its 2017 half-year revenue rose by 155.3 percent to N6.67 billion compared with N2.61 billion a year earlier.
The growth in revenue was driven mainly by FIDSON's expanded manufacturing capacity which enabled the company meet growing demand for consumer healthcare products.
In June last year, Fidson announced the completion of its N9 billion manufacturing facility in Ota, Ogun State. The facility has the capacity to produce six distinct product lines: intravenous infusions and other sterile preparations, tablets, capsules, oral liquids, creams & ointments, and dry powder.
Given the strong top-line growth, Fidson said its after-tax profit rose 1077.5 percent to N466.1 million compared with N39.6 million a year earlier. The company, however, ended the period with a negative cash-flow of N261.41 million, which is at par with the negative cash-flow of N273.79 million reported in a similar period last year.
Founded in 1995, Fidson Healthcare is one of the largest pharmaceutical companies in Nigeria. The company’s two manufacturing plants produce several pharmaceutical products, including tablets, capsules, cream and gel (semi-solids), dry powder, and oral liquids.
Fidson’s stock rose 10.06 percent to close at N3.39 per share at the Lagos bourse on Wednesday.
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