‘Fidson expansion projects reflect belief in Nigeria’

The founder and Managing Director of Fidson Healthcare Plc,  Dr. Fidelis Ayebae, has stated that the firm’s expansion strategy was motivated by its conviction that it could help the nation’s pharmaceutical industry flourish.

Ayebae said this during the 25th annual general meeting of the company, held recently in Lagos.

He credited the growth of the organisation to the sustained support, trust and interest of the company’s stakeholders and loyal customers, as well as the management’s drive for excellence and business expansion.

He said, “We continuously strive to expand our manufacturing facilities and brand portfolio, developing our capacity to manufacture all forms of pharmaceutical products. Within one year, we have increased our eye and ear drop offerings and commenced the development of dialysis fluid while pioneering the local production of ampoule injections in the country.

“These expansion projects are not only viable but also secure our long-term competitiveness and align with the expectations of our numerous stakeholders who believe in our capacity to contribute significantly to the success of Nigeria’s pharmaceutical industry.”

Also, the company chairman, Olusegun Adebanji, explained that the business experienced increased costs in its operations, mostly associated with energy, importation costs and administrative expenses.

“The board and management have put measures in place to ensure operational efficiency and enhance the strength and affordability of our brands to minimise the adverse effects of the challenging economic environment on operating results going forward,” Adebanji stated.

Shareholders at the AGM approved the payment of a dividend of 60 kobo per 50 kobo ordinary shares for 2023. The dividend reflects a 9.1 per cent increase over the 2022 dividend payout.

One of the shareholders, Timothy Adesiyan, hailed the firm for consistently paying dividends. He said, “Fidson has been very consistent with dividend payment, and I appreciate the fact that despite a few business constraints in the country, they still managed to declare such a dividend, this stands them out from their peers in the industry.”

Another shareholder, Adetutu Siyonbola, commended the company’s management for keeping the price of products as affordable as possible despite the economic realities in the country.

Fidson reported a turnover of N53.05bn in 2023, compared to N40.63bn in the previous year, representing an increase of 31 per cent.

Its operating profit grew by 6.78 per cent, from N7.49bn in 2022 to N7.99bn in 2023.

However, profit after tax dropped by 13.85 per cent from N4.19bn in 2022 to N3.61bn in 2023.