Fidson Healthcare Plc has reported a rise in its full-year revenue, reaching N84.19bn for the financial period ended December 31, 2024.
This represents a 58.7 per cent increase compared to the N53.05bn recorded in the corresponding period of 2023.
The unaudited financial statements released by the company recently on Nigeria Exchange Limited revealed a strong performance across key financial indicators, driven by increased sales and improved operational efficiency.
The pharmaceutical company’s gross profit surged by 65.7 per cent to N34.91bn, up from N21.07bn reported in the previous year. This growth was supported by higher revenue generation and improved cost management, despite inflationary pressures and foreign exchange volatility affecting the cost of sales, which rose to N49.27bn, reflecting a 54.1 per cent increment from N31.97bn in 2023.
Fidson Healthcare recorded an operating profit of N12.97bn, marking a 62.2 per cent growth from N7.99bn in the prior year. The rise in operating profit was driven by revenue performance and cost control measures.
However, administrative expenses increased by 33.3 per cent to N8.71bn from N6.53bn, reflecting the impact of rising operational costs, staff expenses, and other overheads.
Similarly, selling and distribution expenses surged by 46.4 per cent to N8.12bn from N5.55bn, in line with the company’s expansion efforts and increased marketing activities.
In the period under review, Fidson reported a net exchange loss of N5.45bn, an increase from N1.26bn recorded in 2023. The rise was attributed to currency devaluation and foreign exchange market fluctuations, which impacted the company’s foreign-denominated obligations.
Meanwhile, finance costs rose sharply by 161.5 per cent to N5.49bn, compared to N2.10bn in the previous year. The increase was primarily driven by interest expenses on loans and borrowings, as well as the impact of rising interest rates in the financial market.
Fidson Healthcare’s total assets grew by 18.2 per cent to N73.3bn, up from N61.99bn in 2023, reflecting increased investments in property, plant, equipment, and working capital.
The company’s retained earnings rose by 27.8 per cent to N17.01bn from N13.31bn in the prior year, demonstrating improved profitability and earnings retention.
On the liabilities side, the firm’s total liabilities increased by 17.8 per cent to N50.3bn, compared to N42.69bn in 2023. The rise was largely due to increased borrowings and trade payables.
Last year, The PUNCH reported that Fidson Healthcare Plc’s profit for the financial year 2023 declined by 21.66 per cent to N3.28bn from N4.19bn in the previous year.
