Fidson Healthcare PLC has reported a full-year pre-tax profit of N7.5 billion in its recent unaudited financial report, published on the Nigerian Exchange (NGX) on January 30, 2025.
This represents a 27.31% increase from the N5.9 billion reported for 2023, with fourth-quarter pre-tax profit reaching N2.3 billion—an increase of 282.35% from the N627 million reported in the same quarter last year.
In terms of revenue, Q4 saw an increase of 92.96%, totaling N24.4 billion compared to N12.6 billion in the same quarter last year.
Overall, total revenue surged by 58.70% in FY 2024, climbing from N53 billion to N84.1 billion, primarily contributed by ethical goods, which made up 65% of sales, and Over-The-Counter (OTC) products, which accounted for 31.3%.
Fidson Healthcare reported a full-year revenue of N84.1 billion for FY 2024, marking a year-over-year increase of 58.70% from N53 billion in FY 2023.
However, the cost of sales rose by 54.09% year-over-year, totaling N49.2 billion, up from N31.9 billion in the previous year.
Despite the increased cost of sales, the company’s gross profit surged to N34.9 billion, reflecting a year-over-year increase of 65.69% from N21 billion.
Fidson’s ‘other gains’ increased by 28.11% YoY to N636.7 million, up from N497 million the previous year, primarily due to N468.6 million in amortization of government grants and N153.7 million from scrap sales.
Despite these cost pressures, the company recorded strong operating profit of N12.9 billion, a 62.17% increase from N7.9 billion reported in the prior year.
However, finance income saw an increase of 160.87%, reaching N60 million compared to N23 million in 2023, entirely attributed to interest earned on loans and receivables.
Ultimately, Fidson Healthcare reported a full-year pre-tax profit of N7.5 billion, reflecting a 27.31% year-over-year increase from N5.9 billion in the previous year.
In FY 2024, Fidson reported total assets of N73.3 billion, reflecting a significant increase from N61.9 billion in 2023.