Fidson vows to champion innovation, capacity expansion to achieve high-quality drugs

Yusuf 2

Despite the unfriendly socio-economic realities in the country, Fidson Healthcare Plc, a leading pharmaceutical manufacturing company in Nigeria, has restated its commitment to continue to champion innovation and capacity expansion to address customers’ need for affordable and high-quality drugs. This vow was made by Mr. Segun Adebanji (FCA), Chairman, Fidson Board of Directors, during the company’s 23rd Annual General Meeting, which held recently in Lagos.

Although he acknowledged the effects of the economic challenges such as the foreign exchange situation, rising operating costs, poor government funding of the health sector and the incessant closure of markets, especially in the South-eastern parts of Nigeria, which disrupted supply chain and regular supplies of pharmaceutical products around the country, Adebanji stressed the resolve of the company’s leadership not to drop the ball.

“The board and management of our company remain determined to sustain our industry position as the pharma company of choice, not only in Nigeria, but also in the entire African continent. We will continue to champion innovation and capacity expansion to meet the strategic goals and priorities of our company to address our customers’ need for affordable and high-quality drugs,” he said.

The company’s shareholders were promised a dividend of 50kobo per share, as unanimously approved by the shareholders at the 23rd AGM – a 100 per cent improvement on the 25 kobo per share declared in the 2020 financial year. It was also reported that Fidson recorded a turnover of N30.860 billion in the year ended 31st December 2021, compared with N18.275 billion in 2020, representing an increase of 69 per cent. Operating profit grew from N3.097 billion in 2020 to N5.862 billion in 2021, representing an increase of 89 per cent. Also, profit after tax increased from N1.205 billion in 2020 to N3.097 billion during the year under review, representing an increase of 157 per cent.

Given the outstanding performance recorded in the year under review, the Board in addition to the dividend, was pleased to propose a bonus of 1 new ordinary share for every 10 ordinary shares of 50 kobo held by shareholders as at the record date – a decision the shareholders unanimously approved. The highlight of the event was the interactive session where shareholders expressed their satisfaction with the performance of the company under the leadership of the Managing Director, Dr Fidelis Ayebae, for the success story even in the face of daunting economic conditions. Despite the macro-economic conditions and the operating environment, Fidson, driven by its investments in local manufacturing, said it will continuously pursue its vision to be the healthcare provider of choice in Africa. The company said it is committed to meeting the demand for pharmaceutical products across Nigeria with deliberate increase in production capacity to deliver across dosage forms in key therapeutic areas. Fidson, which currently boasts over 250 NAFDAC-registered brands, is expanding production capacity at its current World Health Organisation Good Manufacturing Practice (WHO-CGMP) compliant facility in Sango Ota, Ogun State, regarded as the largest pharmaceutical manufacturing facility in Sub-Saharan Africa.