Fidson Healthcare reports a 27% increase in pre-tax profit for FY 2024, with total revenue reaching N84 billion.

Fidson Healthcare PLC just dropped its latest financial report, showing a pre-tax profit of N7.5 billion for the full year, as announced on the Nigerian Exchange (NGX) on January 30, 2025. 

This is a solid 27.31% jump from the N5.9 billion they made in 2023. In the fourth quarter alone, their pre-tax profit hit N2.3 billion, which is a whopping 282.35% increase compared to the N627 million from the same quarter last year.

Looking at revenue, Q4 saw a massive 92.96% rise, bringing in N24.4 billion compared to N12.6 billion in the same quarter last year.

For the entire year, total revenue soared by 58.70%, going from N53 billion to N84.1 billion. This growth was mainly driven by ethical goods, which made up 65% of sales, along with Over-The-Counter (OTC) products, contributing 31.3%.

Key financial highlights indicate revenue of N84.1 billion, a 58.70% year-over-year increase. Cost of sales reached N49.2 billion, a 54.09% year-over-year increase, resulting in a gross profit of N34.9 billion, representing 65.69% year-over-year growth. Other gains totaled N636.7 million, a 28.11% year-over-year increase. Administrative expenses were N8.7 billion (up 33.31% year-over-year), and selling and distribution expenses reached N8.1 billion (up 46.37% year-over-year). Operating profit was N12.9 billion, reflecting a 62.17% year-over-year growth. Finance costs increased substantially to N5.4 billion (a 161.38% year-over-year rise), while finance income was N60 million (up 160.87% year-over-year). Pre-tax profit was N7.5 billion, a 27.31% year-over-year increase.

In summary, Fidson Healthcare's total revenue for FY 2024 reached N84.1 billion, reflecting a significant year-over-year growth of 58.70% from N53 billion in FY 2023.

The revenue breakdown reveals that ethical goods made up N55 billion, which is 65% of total sales, while Over-The-Counter (OTC) products brought in N26.3 billion (31%). Consumer Healthcare Products accounted for the remaining N2.8 billion. On the flip side, the cost of sales jumped by 54.09% year-over-year, hitting N49.2 billion, up from N31.9 billion last year.

A big chunk of these costs came from ethical goods and OTC products. Even with the rising sales costs, the company’s gross profit soared to N34.9 billion, marking a 65.69% increase from N21 billion the previous year.

Fidson’s ‘other gains’ also saw a boost, climbing 28.11% year-over-year to N636.7 million, up from N497 million last year, mainly due to N468.6 million in government grant amortization and N153.7 million from scrap sales.

On the downside, administrative expenses went up by 33.31% year-over-year, and selling and distribution (S&D) costs rose by 46.37%. Sales expenses made up 53.4% of total S&D costs, while logistics accounted for 39.0%. Despite these rising costs, the company achieved a solid operating profit of N12.9 billion, a 62.17% increase from N7.9 billion the previous year.

In contrast, finance costs shot up by 161.38% year-over-year to N5.4 billion, mainly due to higher interest on loans and other financial obligations. However, finance income also increased by 160.87%, reaching N60 million compared to N23 million in 2023, thanks to interest earned on loans and receivables.

In the end, Fidson Healthcare reported a full-year pre-tax profit of N7.5 billion, which is a 27.31% increase from N5.9 billion the previous year.

In the fiscal year 2024, Fidson reported total assets of N73.3 billion, marking a notable rise from N61.9 billion in 2023.

The non-current assets for 2024 were recorded at N25.6 billion, an increase from N23.7 billion in the previous year, with property, plant, and equipment making up a significant portion at N24.8 billion. Current assets also experienced growth, reaching N47.6 billion, compared to N38.2 billion in the prior year. This growth was largely attributed to inventories, which amounted to N23.9 billion, and prepayments, totaling N12.5 billion.