Fidson Healthcare Announces 29% Annual Turnover Increase in 2013
Fidson Healthcare Plc has announced the full year results for the period ended 31/12/2013.
Turnover for the period increased from N7.2b to N9.2billion representing 29% growth over previous year. Gross profit was N5b against N4b made in the year before, a 26% increase.
Operating profit increased from N854m in 2012 to N1.3b due to increases in turnover and better management of operational costs leading to increase in gross margins.
Profit before tax however declined by 54% to N250m from N540m in 2012. Similarly, profit after tax declined by 25% from N207m to N155m. The drop was due to impairment loss incurred on Fidson Products Ltd., an associate company that was adversely affected by changes in government policy vis-a-vis ban on importation of diapers, the major product of the company. This would be the first time the associate’s result will be consolidated with that of the company in compliance with IFRS provisions.
However, other comprehensive income majorly from actuarial gains at N42m against a loss of N19m the previous year moderated total comprehensive income for the year to N197m, up from N188m in 2012, that is, 5% increase.
The balance sheet grew by 15%, from N10.8b in 2012 to N12.4b, mainly resulting from our investment in the Biotech Plant.
The company has started the new year on a promising note. Profit before tax for the first quarter was N283m against N269.6m, that is, 5% over the corresponding period.