Finance

Fidson records 196% growth in profit after tax

Shareholders of Fidson Healthcare Plc, an indigenous pharmaceutical manufacturing company in Nigeria, will receive a dividend of 25 kobo per share. 

This was unanimously approved by the shareholders at the 22nd Annual General Meeting, held last week at the company’s head office in Lagos. This year’s dividend payout is an improvement on the 15 kobo per share paid in the 2019 financial year.

The company had recorded a turnover of N18.28 billion for the year ended 31st December 2020, which represents an increase of 30 per cent compared to the N14.06 billion revenue in 2019. In the same vein, operating profit grew by 38 per cent between 2019 and 2020, while profit after tax also increased from N407.19 million in 2019 to N1.21 billion in 2020, an increase of 196 per cent.

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In his remarks, Founder and Managing Director of Fidson Healthcare Plc., Fidelis Ayebae, said the improved performance of the organisation was largely the combined result of volume growth on key product lines and improved efficiency in her supply chain.

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 “As an organisation, we are committed to intensifying focus on these performance drivers going forward.

This stellar performance has further strengthened our position as a leader in the healthcare industry. From inception, we have shown commitment to offering customers the highest quality Health products and services in our relentless pursuit to becoming the leading pharmaceutical company in Africa,” he said.

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One of the highlights of the event was the presentation of three newly appointed directors to shareholders. They are: Dr. Vincent Ahonkhai, Mr. Ekwunife Okoli and Mr. Ola Ijimakin. While Dr. Ahonkhai and Mr. Okoli were appointed as Independent Non-Executive Directors, Mr. Ola Ijimakin was appointed Executive Director, Commercial. 

Sunnews

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