Indigenous pharmaceutical manufacturing company, Fidson Healthcare Plc, has reported a profit of N4.19bn at the end of the financial year 2022 from N3.72bn in the corresponding period in 2021.

In a statement issued following its 24th Annual General Meeting in Lagos, the company also disclosed it reported a turnover of N40.63bn for the year ended December 2022, representing a 31.7 per cent increase compared to the N30.86bn revenue in 2021.

Similarly, its operating profit grew by 28 per cent from N5.86bn in 2021 to N7.49bn in 2022, while profit after tax also increased by 12.5 per cent.

Meanwhile, shareholders of the group approved a dividend of 55 kobo per share for the period under review. The 2022 dividend represents a 10 per cent increase, over the 50 kobo per share paid in the 2021 financial year.

Commenting on the group’s performance, the founder and Managing Director of Fidson Healthcare Plc, Dr. Fidelis Ayebae, attributed the impressive performance of the company to the sustained support, trust, and interest of the company’s stakeholders and loyal customers.

He said “Since inception, the success of our business has been dependent on our customers’ trust and continued patronage of our brands, most especially as an indigenous pharmaceutical company in a highly competitive market. This sustained trust and support has been the driving force for our relentless commitment to delivering excellence in all our operations. This in turn has yielded great returns, served as a catalyst for business expansion and crystalised our position as the industry’s leader”.

On the company’s outlook, Ayebae said, “Despite the very challenging business environment, we will continue to strengthen our internal control mechanisms and invest in the next generation of leaders to sustain our excellent performance and embed our corporate culture which ensures the company’s profitability while adding value to lives. Given the company’s rapid expansion, penchant for strategic partnerships and workforce empowerment, we believe that this initiative will deliver the desired stability that will propel the company to its next phase of growth, relevance and dominance.”

Speaking on the performance of the group, one of the shareholders, Timothy Adesiyan, said, ”Fidson has been very consistent with dividend payment, and I appreciate  the fact that they are paying dividend  despite the challenges affecting businesses in the country.  They still managed to pay a dividend of 55kobo per share, even at a time when their peers in the industry have gone under or are considering delisting; Fidson has consistently delivered great value to us.”

During the AGM, three directors were presented for re-election as Non-Executive Directors to shareholders, and they were unanimously approved.  They are Dr. Vincent Ahonkhai,  Mrs. Aishatu P. Sadauki and Mr. Emmanuel E. Imoagene.

Fidson Healthcare said it is expanding its pharmaceutical production capacity to meet Nigeria’s growing demand for critical therapeutic area drugs as well as other West Africa countries.

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