Fidson Healthcare PLC Declares Strong Financial Performance at 25th Annual General Meeting;Declares dividend of 60 kobo per 50 kobo ordinary shares.

Fidson Healthcare PLC Declares Strong Financial Performance at 25th Annual General Meeting;Declares dividend of 60 kobo per 50 kobo ordinary shares.

Fidson Healthcare Plc, Nigeria’s leading pharmaceutical manufacturing company, announced robust
financial results at its 25th Annual General Meeting (AGM). As declared at the meeting which held
today in Lagos, Nigeria, shareholders will receive a dividend of 60 kobo per 50 kobo ordinary shares
for the year ended 31 December 2023 after the unanimous approval by shareholders. This dividend
reflects a 9.1% increase over the 2022 dividend payout.
Despite the challenging operational environment in the country within the period, the company
reported an impressive turnover of ₦53.050 billion in 2023, compared to N40.634 billion in 2022,
representing an increase of 31%. Attesting to its operational excellence, operating profit grew by
6.78%, from N7.488 billion in 2022 to N7.996 billion in 2023 while profit before tax also increased by
2%, from N5.781 billion in 2022 to N5.917 billion in the year under review. Profit after tax dropped
by 13.85% from N4.187 billion in 2022 to N3.607 billion in 2023.
In his statement, the Company Chairman, Mr. Olusegun Adebanji explained that the drop in profit
resulted from the increased cost of operations mostly associated with energy, cost of importation
and administrative expenses. “The Board and Management have put measures in place to ensure
operational efficiency and enhance the strength and affordability of our brands in order to minimize
the adverse effects of the challenging economic environment on operating results going forward.”
he added.

Making his remarks during the event, the founder and Managing Director, Dr Fidelis Ayebae
attributed the growth of the organisation to the sustained support, trust and interest of the
company’s stakeholders and loyal customers as well as the management’s drive for expansion.
“We continuously strive to expand our manufacturing facilities and brand portfolio developing our
capacity to manufacture all forms of pharmaceutical products. Within one year, we have increased
our eye and ear drops offerings, commenced the development of dialysis fluid while pioneering the
local production of ampoule injections in the country. This expansion projects are not only viable but
also secure our long-term competitiveness and align with the expectations of our numerous
stakeholders who believe in our capacity to contribute significantly to the success of the Nigerian
pharmaceutical industry.”
Shareholders also expressed their satisfaction with the performance of the company. “Chief Timothy
Adesiyan said,” Fidson has been very consistent with dividend payment, and I appreciate the fact
that despite a few business constraints in the country, they still managed to declare such a dividend,
this stands them out from their peers in the industry, Fidson has consistently delivered great value
to us.”

In the same vein, Barrister Adetutu Siyonbola commended the company’s management for keeping
the price of their products as affordable as possible despite the economic realities in the country.
Fidson Healthcare PLC is continuously expanding its capacity to meet the growing demand for critical
therapeutic area drugs in Nigeria and the African continent by scaling up its pharmaceutical
production and exploring strategic partnerships. Dr. Ayebae concluded, “Our journey toward
excellence in pharmaceutical manufacturing remains unwavering. We are committed to delivering
value to our stakeholders, empowering our workforce, and driving innovation.”

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