Fidson Healthcare Plc, the Lagos-based pharmaceutical giant founded by Nigerian pharmaceutical mogul Fidelis Ayebae, has posted a strong $3.41 million (N5.05 billion) profit for its 2024 fiscal year, marking a 40% year-on-year increase from $2.44 million (N3.61 billion) in 2023.
The impressive growth was fueled by a 58.7% surge in revenue, which jumped from $35.82 million (N53.05 billion) in 2023 to $56.84 million (N84.19 billion) in 2024, driven by higher sales of ethical and over-the-counter (OTC) drugs.
Key Financial Highlights:
•Revenue: $56.84 million (N84.19 billion) ↑ 58.7% YoY
•Profit Before Tax: $5.43 million (N8.03 billion) ↑ 38.3% YoY
•Net Profit: $3.41 million (N5.05 billion) ↑ 40% YoY
•Total Assets: $49.49 million (N73.3 billion) ↑ from $41.85 million (N61.99 billion) in 2023
•Total Equity: $15.52 million (N22.99 billion) ↑ from $11.77 million (N17.44 billion)
Fidelis Ayebae’s Stake in Fidson
Fidson Healthcare was founded in 1995 by Fidelis Ayebae, who remains the largest shareholder with a 33.1% stake (equivalent to 757.99 million shares). His position in the company cements his status as one of the top investors on the Nigerian Exchange (NGX).
Boom in Ethical and OTC Drug Sales
Fidson’s ethical drug revenue (which includes infusions, capsules, and tablets) saw a massive 68.8% increase, rising from $22 million (N32.59 billion) to $37.14 million (N55 billion). OTC drug sales also jumped from $10.72 million (N15.88 billion) to $17.81 million (N26.38 billion), reinforcing Fidson’s dominance in the Nigerian pharmaceutical market.
Expanding Nigeria’s Healthcare Industry
Under Fidelis Ayebae’s leadership, Fidson made history in 2005 as the first West African company to produce antiretroviral (ARV) drugs. Now, the company is set to invest nearly $100 million in a new state-of-the-art production facility at the Lekki Free Trade Zone, a strategic move to enhance Nigeria’s self-sufficiency in pharmaceuticals, particularly in the fight against HIV/AIDS.
A Dominant Force in Nigeria’s Pharmaceutical Sector
With total assets rising to $49.49 million and a strong equity position of $15.52 million, Fidson is well-positioned to maintain its dominance in Nigeria’s pharmaceutical industry.
Richlist Nigeria will continue to monitor the financial performance of Fidelis Ayebae and Fidson Healthcare Plc as they expand their market presence and solidify their billionaire founder’s legacy.
