Fidson posts N9.7 billion revenue in 2014
Fidson Healthcare Plc has recorded a modest growth in revenue of 5 per cent YOY from N9.2 billion in 2013 to N9.7 billion in 2014.
According the company, profit before tax rose from N249 million in 2013 to N870 million in 2014, representing an increase of 250 per cent.
Similarly, profit after tax grew by 310 per cent from N154 million to N631 million in the same period, which saw the EPS increase from N0.10 to N0.42.
Fidson grew its gross margin by 7per cent, from N5.1 billion in 2013 to N5.4 billion in 2014 while operating profit increased marginally by 5per cent with operating margin remaining at 15per cent of revenue.
Despite the economic challenges, harsh market conditions and increasing financing cost faced during the year, cash flow improved with the company’s cash position increasing by 51per cent from 2013.
The increase in long term debt during the year is as a result of the issuance of a 5-year fixed rate Bond to refinance some expensive short-term debt and augment working capital requirements.
The company’s focus on extensive brand building of its innovative and high quality products enhances its financial growth and its ability to maintain significant market share in key disease areas.
Robust sales and distribution channels as well as persistent diligence in ensuring products’ integrity through various anti-counterfeiting initiatives supported this, according to the company.
“ Fidson’s ultra-modern WHO Good Manufacturing Practice (GMP) compliant plant, where she would manufacture IV fluids in addition to existing product offerings is scheduled to be operational before the end of 2015. This would broaden the company’s products base, increase its capacity and consequently profitability and growth opportunities.”