Temitope
Temitope Akinola
Fidson Healthcare Plc has declared profit before tax of 477m in its half year results ended June 30, 2015.
This is an increase of 4.6% compared to the N456m profit before tax declared in the corresponding period of 2014. The company also recorded an increase of 4.7% in earning per share, rising to 22 kobo in the reviewing period fro 21 kobo.
According to Fidson, the company witnessed a 128 per cent quarter-on-quarter revenue growth as sales returned to normal levels after the elections, however, recorded a half-year 12 per cent revenue drop to N4.034bn when compared to the N4.573bn it declared in the corresponding period last year.
However, despite the year-on-year slowdown in sales, which was largely due to the prolonged general elections and transition period, it recorded improvement in margins over the first six months.
According to the company, the improvement was driven by the company's cost optimisation drive. For instance, the company reported that its operating expenses dropped by 67% from N150m in the first half of 2014 to N49m in the same period of 2015. Selling and distribution expenses also decreased from n605m to N325m, a decline of 46 percent.
Meanwhile, the company noted it emerged the recipient of Frost & Sullivan 2014 Growth Excellence Leadership Award in the Nigerian Pharmaceutical Industry and it continues to gear up for the commissioning of its World Health Organisation Good manufacturing Practice compliant plant, where it would manufacture IV fluids in addition to existing product offerings.
PUNCH
This is an increase of 4.6% compared to the N456m profit before tax declared in the corresponding period of 2014. The company also recorded an increase of 4.7% in earning per share, rising to 22 kobo in the reviewing period fro 21 kobo.
According to Fidson, the company witnessed a 128 per cent quarter-on-quarter revenue growth as sales returned to normal levels after the elections, however, recorded a half-year 12 per cent revenue drop to N4.034bn when compared to the N4.573bn it declared in the corresponding period last year.
However, despite the year-on-year slowdown in sales, which was largely due to the prolonged general elections and transition period, it recorded improvement in margins over the first six months.
According to the company, the improvement was driven by the company's cost optimisation drive. For instance, the company reported that its operating expenses dropped by 67% from N150m in the first half of 2014 to N49m in the same period of 2015. Selling and distribution expenses also decreased from n605m to N325m, a decline of 46 percent.
Meanwhile, the company noted it emerged the recipient of Frost & Sullivan 2014 Growth Excellence Leadership Award in the Nigerian Pharmaceutical Industry and it continues to gear up for the commissioning of its World Health Organisation Good manufacturing Practice compliant plant, where it would manufacture IV fluids in addition to existing product offerings.
PUNCH
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