In a remarkable financial stride, Fidson Healthcare Plc has announced a profit before tax of N1.18 billion in Q3 2023, showcasing a notable year-on-year growth of 8.5% compared to the corresponding quarter in 2022.
Revenue Surge and Stellar Growth
The group’s Q3 2023 revenue stood impressively at N14.79 billion, reflecting an exceptional 33.9% year-on-year growth from the same period in 2022. This remarkable performance has contributed to the cumulative nine months revenue of N40.37 billion, demonstrating a substantial 28.5% year-on-year growth.
Key Financial Highlights – Q3 2023 vs. Q3 2022
- Revenue: N14.79 billion, +33.9% YoY
- Cost of Sales: N10.29 billion, +60.2% YoY
- Gross Profit: N4.50 billion, -2.7% YoY
- Operating Cost: N2.74 billion, -10.6% YoY
- Operating Profit: N1.80 billion, +12.9% YoY
- Net Finance Cost: N575.16 million, +23.0% YoY
- Profit Before Tax: N1.18 billion, +8.5% YoY
- Profit for the Period: N799.2 million, +8.5% YoY
- Earnings Per Share: N0.35, +9.4% YoY
- Cash and Cash Equivalents: N3.11 billion, +11.5% YoY
- Total Assets: N50.88 billion, +18.4% YoY
Fidson Healthcare’s Market Dominance
Notably, Fidson Healthcare has not only secured its position as the most capitalized pharmaceutical company on the Nigerian Stock Exchange but has also outperformed major counterparts such as May and Baker, GSK Nigeria, and Neimeth in terms of earnings.
Finance Costs Surge Amid Market Trends
Aligned with the broader market trends on the NGX, Fidson Healthcare witnessed a surge in finance costs, escalating by 23% YoY in Q3 2023. This increase, while reflective of prevailing market dynamics, underscores Fidson Healthcare’s resilience and strategic positioning in navigating the financial landscape.
In conclusion, Fidson Healthcare’s robust financial performance in Q3 2023 not only reaffirms its market leadership but also exemplifies its ability to navigate challenges and capitalize on growth opportunities within the pharmaceutical sector. The company’s commitment to excellence and financial prudence positions it as a notable player in Nigeria’s pharmaceutical industry.
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