Fidson Healthcare Plc has recorded a 1077 percent growth in profit in its unaudited half year financials for the period ended 30 June 2017.
The Healthcare firm’s Profit before taxation stood at N685.4 million from N58.2 million a year ago, representing a growth of 1,077 per cent.
Profit after Tax also improved by the same mileage of 1,077 percent to settle at N466.068 million compared to N39.582 million recorded in June 2016.
The company’s half year 2017 result, released by the Nigerian Stock Exchange (NSE) Tuesday showed that revenue grew by 155.3 per cent year on year from N2.6 billion to N6.6 billion as at June 2017.
Fidson’s revenue for the period was strengthened by improved Over the Counter (OTC) sales which grew by 189.5 percent to N4.2 billion from N1.5 billion in 2016 and a 121 percent increase in the Ethical segment which pooled N2.4 billion in sales as against N1.1 billion generated in June 2016.
The significant growth in the OTC and ethical segments is the direct result of Fidson’s expanded manufacturing capacity which enabled the Company to meet growing demand for consumer healthcare products.
Fidson’s income statement showed that cost of sales for the company grew to N3.2 billion in the first half of 2017, from N1.3 billion recorded in June 2016, indicating a 158.6 per cent rise.
Gross profit for the company rose to N3.4 billion against gross profit of N1.3 billion in the same period of prior year.
Total expenses recorded by the company in the review period stood at N2.4 billion from N978.1 million in the prior period.
The result showed that Fidson’s Total assets improved slightly by 2 per cent to N16.97 billion from N16.67 billion in the same period of 2016.
The firm pruned Total liabilities to N9.986 billion from N10.1 billion reflecting a 1 percent decrease.
Shareholders’ fund during the period rose 6 percent to N6.984 billion from N6.593 billion as return on equity(ROE), a measure of the rate of return on stockholders’ investment in the enterprise improved to 6.67% from 0.6%
Net profit margin (NPM) for the company rose by 366 percent points to 7 percent from 1.5 percent a year ago and Return On Total Assets (ROTA) rose by 1,096 percentage points to 2.75 per cent, from 0.23 per cent in the same period of 2016.
