Fidelis Ayebae’s Fidson Smashes Expectations With $9.08-Million Profit
Nigerian Pharma Tycoon, Fidelis Ayebae’s Fidson Healthcare Plc recorded a remarkable financial performance at the end of its 2022 fiscal year. The significant performance has been attributed to an upsurge in sales during the review period.
In the recently published statement, the company noted that its profit increased by 13 per cent during the review period. This growth can be attributed to a significant 32 per cent surge in revenue, primarily driven by increased sales of its ethical products, including infusions, capsules, and tablets.
Further analysis revealed that revenue generated from the sale of ethical products amounted to $58.2 million in 2022 up from $43.7 million in 2021. Also, the sale of over-the-counter (OTC) products increased from $23.1 million in 2021, to $25.9 million in 2022. These impressive sales performances pushed the company’s profits from $8.08 million to $9.08 million.
Fidson recommends dividend payments for shareholders
Reacting to this development, the board of directors recommended a dividend payment of $0.00119 per share, totalling $2.7 million to shareholders on the register of members.
Fidson has established itself as a leading player in the Nigerian and West African pharmaceutical industries since it was established in 1995.
Led by Fidelis Ayebae, the firm has witnessed growth in its total assets and retained earnings. Reports say that the company’s total assets rose to $93.3 million, while its retained earnings increased from $16.9 million to $23.76 million.
Fidelis Ayebae’s 33.1 per cent stake in the pharmaceutical firm is valued at $15.7 million, making him one of the wealthiest investors on the Nigerian Exchange (NGX). His net worth is set to increase, as he prepares to receive a dividend of $906,000 from his stake in the company.
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