Fidson Healthcare Plc, a leading Nigerian pharmaceutical manufacturing company led by Fidelis Ayebae, an accomplished banker turned pharmaceutical tycoon, has announced an impressive financial performance for the 2023 fiscal year, with a surge in revenue exceeding $37 million.
According to the recently published unaudited financial statements, Fidson Healthcare witnessed a growth of more than 30 percent, with its revenue soaring from N40.63 billion ($28.7 million) in 2022 to N53.05 billion ($37.48 million) by the close of the 2023 fiscal year.
Ethical product sales soar, surpassing $23 million in 2023
The surge in revenue is linked to the heightened sales of ethical products, including infusions, capsules, and tablets. Revenue generated from the sale of ethical products amounted to N32.59 billion ($23 million) in 2023, reflecting a substantial increase from N26.86 billion ($19 million) in 2022.
Furthermore, the sales of over-the-counter (OTC) products experienced a notable increase from N15.88 billion ($11.2 million) in 2022 to N11.92 billion ($8.42 million) in 2023. The group’s consumer healthcare products also contributed to this growth, rising from N1.85 billion ($1.3 million) to N4.58 billion ($3.23 million).
Unlocking value: Fidson Healthcare’s growth and Ayebae’s wealth on the Nigerian Exchange
Fidson Healthcare, initially a local pharmaceutical products distributor, transformed under Ayebae’s leadership. The company established its first local manufacturing facility in 2002 and became the pioneering firm in the region to produce antiretroviral (ARVs) drugs in March 2005.
Ayebae, who owns a significant 33.1-percent stake in the pharmaceutical company, equivalent to 759,643,749 ordinary shares, stands as one of the wealthiest investors on the Nigerian Exchange.
Group’s revenue surge elevates assets, retained earnings hit record highs
The surge in revenue translated into an increase in the group’s gross profit and operating profit from N17.18 billion ($12.14 million) and N7.49 billion ($5.29 million) in 2022 to N18.98 billion ($13.41 million) and N7.65 billion ($5.4 million) in 2023.
This robust financial performance also propelled the group’s assets from N42.98 billion ($30.37 million) as of December 31, 2022, to N55.38 billion ($39.14 million) as of December 31, 2023. Consequently, the group’s retained earnings surged from N10.94 billion ($7.73 million) to N12.99 billion ($9.2 million).
