Fidson Healthcare Grows Revenue by 155% in Six Months

By Modupe Gbadeyanka

Leading Nigeria-based pharmaceutical manufacturing company, Fidson Healthcare Plc, has recorded a whopping 155 percent growth in its revenue in the first six months of 2017.

This was revealed in the half year financial statements of the company released on Tuesday to the Nigerian Stock Exchange (NSE).

In the results analysed by Business Post, the firm grew its revenue to N6.67 billion in the period ended June 30, 2017, from N2.61 billion achieved 12 months ago.

This was mainly influenced by different steps taken by the pharmaceutical company to reduce its operating expenses, but maintaining standards it is known for.

During the period under review, Fidson Healthcare pushed its profit before tax to N685.4 million from N58.2 million achieved on June 30, 2016.

Also in the financial statements, the company reported an increase in its profit after tax, N466.1 million as at June 30, 2017, compared with N39.6 million declared a year ago.

The major indicators showed that the firm was returning to profitability after it struggled last year due to unfriendly business environment in Nigeria caused by economic crises.