Fidson Healthcare reports 88% decline in profit
Fidson Healthcare has announced 88 per cent in profit after tax for the half year ended June 30, 2016.
The pharmaceutical company reported that its profit after tax moved from N324 million in first half of 2015 to N39.58 million in first half of 2016.
Similarly, profit before tax decline by 88 per cent from N476.8 million in to N58 million as low revenue impacted negatively on profitability.
Fidson Healthcare announced that its revenue in the period under review dropped by 35 per cent to N2.6 billion as against N4 billion recorded in prior half year.
Cost of sales and total operating expenses dropped by 31 per cent and 32 per cent to N1.25 billion and N1 billion to indicate the company’s slow business operations in the first half of 2016.
From the company’s financial position, total equity also dropped by 26.6 per cent to N12 billion in six months from N16.67 billion as at December 31, 2016.
However, the company recently completed a new ultra modern plant in line with World Health Organization (WHO) complaints.
The new Ultra modern facility is equipped to produce six distinct product lines (intravenous infusions and other sterile preparations, tablets, capsules, oral liquids, creams & ointments and dry powder) to contribute immensely to the nation’s medicine needs and proffer opportunities for future exports.
According to a statement released by the company, the facility provides an opportunity to export some Fidson products to other countries (Africa and beyond), grow its foreign exchange income and extending affordable quality medicines to some of the poorer nations within the continent.
The company expressed further that the plant is expected to create more employment as additional 300 jobs are being created while profitability is expected to improve as a result of increased efficiency.
“With this new facility, we aim to significantly meet orders of the major consumers – the Teaching & General Hospitals, Federal Medical Centres, Big Private Hospitals, Corporate Clinics, etc as far as infusion products are concerned using the existing marketing and distribution platforms,” the company said in its statement.
The outcome on the company’s financials, the statement said, “the expected financial contribution from this project is such that shall grow the Company’s turnover by additional N1.9 billion at 75 per cent Activity Level by the 3rd year of production, N2.9 billion at 90 per cent Activity Level by 6th year and N3.6 billion by the 10th year at same 90 per cent Activity Level.
“Overall, this project shall contribute handsomely to the Overhead Recovery of the Company thereby growing shareholder value significantly. This will be in addition to increased capacities (almost two-fold) for the existing five product lines that will open up opportunities for contract manufacturing.”
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