Leading pharmaceutical company in Nigeria, Fidson Healthcare Plc posted a 300 percent rise in net profit in 2014 and a 5 percent increase in revenues, the world-class pharmaceutical company said in a statement on Tuesday.

Fidson in its FY’14 results released on the Nigerian Stock Exchange at the weekend, reported a modest growth in revenue of 5%YOY with an impressive 250% and 310% growth in PBT and PAT respectively. This saw the EPS increase from N0.10 in 2013 to N0.42 in 2014.

The company grew its gross margin by 7%, from N5.1 billion in 2013 to N5.4 billion in 2014 while operating profit increased marginally by 5% with operating margin remaining at 15% of revenue.

Its focus on extensive brand building of its innovative and high quality products enhances its financial growth and its ability to maintain significant market share in key disease areas, despite the economic challenges, harsh market conditions and increasing financing cost faced during the year.

Fidson said its success was equally due to its robust sales and distribution channels as well as persistent diligence in ensuring products’ integrity through various anti-counterfeiting initiatives, which engendered an improved cash flow with the company’s cash position increasing by 51% from 2013.

The company attributed the increase in its long term debt during the year to the issuance of a 5-year fixed rate bond to refinance some expensive short-term debt and augment working capital requirements.

While reiterating its commitment to the completion of its ultra-modern plant in 2015, which is WHO Good Manufacturing Practice (GMP) compliant, where the company will start manufacturing IV fluids in addition to existing product offerings, Fidson said when the plant comes into operation, it will broaden the company’s products base, increase its capacity and consequently profitability and growth opportunities.

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