Nigerian pharma tycoon Fidelis Ayebae’s Fidson smashes expectations with $9.08-million profit

Feyisayo Ajayi -

Fidson Healthcare Plc, a Nigerian pharmaceutical manufacturing company led by esteemed banker turned pharma tycoon Fidelis Ayebae, delivered a remarkable financial performance at the close of its 2022 fiscal year, thanks to an upsurge in sales during the review period.

The company’s profits soared by double digits, rising from N3.72 billion ($8.08 million) to N4.18 billion ($9.08 million). As a result, the board of directors has recommended a dividend payment of N0.55 ($0.00119) per share, totaling N1.26 billion ($2.7 million).

Fidson’s recently published financial statement revealed that the company’s profit increased by 13 percent during the review period.

The growth can be attributed to a significant 32-percent surge in revenue, primarily driven by increased sales of its ethical products, including infusions, capsules, and tablets.

The revenue generated from the sale of ethical products amounted to N26.8 billion ($58.2 million) during the review period, up from N20.11 billion ($43.7 million) in 2021. Additionally, the sale of over-the-counter (OTC) products increased from N10.63 billion ($23.1 million) to N11.92 billion ($25.9 million).

Fidson’s rise to prominence under Fidelis Ayebae’s leadership

Founded in 1995 by Fidelis Ayebae, a highly-regarded industrialist in Nigeria, Fidson Healthcare has established itself as a leading player in the Nigerian and West African pharmaceutical industries under his visionary leadership.

As of the end of its 2022 fiscal year, the company’s total assets have grown7 to N42.98 billion ($93.3 million), while its retained earnings have surged from N7.77 billion ($16.9 million) to N10.94 billion ($23.76 million).

As of the time of this report, Ayebae’s 33.1-percent stake in the pharmaceutical firm is valued at an impressive N7.25 billion ($15.7 million), making him one of the richest investors on the Nigerian Exchange (NGX). Furthermore, he is set to receive a dividend of N417 million ($906,000) from his stake in the company.