H1 2022: Fidson Healthcare reports 127.2% growth in PAT
By Philemon Adedeji
Fidson Healthcare plc has reported 127.2 per cent increase in Profit After Tax (PAT) to N2.7 billion in its half year (H1) unaudited financial statement for the period ended June 30, 2022 from N1.2 billion achieved in the corresponding half year results
Fidson Healthcare is a leading indigenous pharmaceutical manufacturing company in Nigeria.
From the data submitted to the Nigerian Exchange Limited (NGX), the group grew its Profit Before Tax (PBT) by 128.8 per cent to N4.005 billion in half year 2022 from N1.750 billion reported in half year 2021.
From the Profit and Loss figures, a leading pharmaceutical company reported 57.6 per cent growth in revenue to N20.38 billion in six months of 2022 from N12.93 billion accounted in six months of 2021.
The group unaudited results revealed cost of sales which increased to N10.52 billion in H1 2022 from N6.96 billion achieved in H1 2021, reflecting an improvement of 51.1 per cent.
The growth in cost of sales causing gross profit to gain 65.2 per cent to N9.863 in six months of 2022 from N5.969 billion in six months of 2021. As administrative expenses rose by 8.1 per cent to N2.525 billion in six months of 2022 from N2.336 in six months of 2021.
During the period, the rate at which the group sells and distribute increased by 69.9 per cent to N2.961 billion in H1 2022 from N1.743 billion in H1 2021.
From the analysis, Operating profit deployed by the group stood at the sum of N4.79 billion in H1 2022 compared to N2.32 billion generated in H1 2021, this result revealed a significant increase to a 106.4 per cent.
Earnings per share recorded by the group during the period under review grew significantly to 130 kobo in H1 2022 compared to 57 kobo shared in H1 2021, the growth reflects a marginal difference of 128.1 per cent.
In his statement, the Chairman, Board of Directors of the company Mr. Segun Adebanji, FCA, 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,” Adebanji said.
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 Healthcare PLC., under the leadership of the Managing Director, Dr. Fidelis Ayebae for their proactive leadership even in the daunting economic conditions.
Despite the macro-economic conditions and the operating environment, Fidson Healthcare Plc, driven by its investments in local manufacturing, will continuously pursue its vision to be the healthcare provider of choice in Africa. A young, vibrant, and well-motivated management team is already boosting investors’ confidence that the future of the company remains bright.
The company is committed to meeting the demand for pharmaceutical products across Nigeria with a deliberate increase in production capacity to deliver dosage forms in key therapeutic areas.
Today, the company boasts of over 250 NAFDAC registered brands and is deliberately expanding production capacity at its current World Health Organisation Good Manufacturing Practice (WHO-CGMP) compliant facility in Sango-Ota, Nigeria – the largest pharmaceutical manufacturing facility in Sub-Saharan Africa.
