The company argued that high bank lending rates remain a major obstacle, limiting access to affordable financing for business expansion.
Patient capital is equity or debt that is invested to capture long-term benefits. With patient capital, the investor is willing to make a financial investment in a business with no expectation of turning a quick profit
Speaking at a Media Parley in Lagos, yesterday, the Managing Director of the company, Valentine Chinedu Okelu, pointed out that pharmaceutical manufacturing is capital-intensive, requiring long-term funding instead of short-term credits.
Therefore, he urged the government and high-net-worth individuals to inject patient capital to support the sector’s stability and expansion.
Beyond financial constraints, Okelu identified infrastructure deficits, particularly the high cost of power and energy, as key challenges.
He added that these rising costs are squeezing profit margins, making it difficult for companies to remain competitive as consumers grapple with declining disposable income.
Reviewing its performance, he said the company posted a remarkable financial turnaround in its financial period ending December 31, 2024, despite these challenges.
According to him, the company’s revenue surged by 102 per cent, from N2.2 billion in 2023 to N4.5 billion in 2024.
He disclosed that the firm reversed its negative bottom line, achieving an operating profit of N338.5 million, an impressive 126 per cent improvement from the N1.3 billion loss recorded the previous year.
This, according to him, represents an absolute profit improvement of N1.638 billion.
On its expansion programme, he disclosed that the company has completed a long-planned upgrade of its Oregun, Lagos, manufacturing facility, originally established in 1976.
Okelu stated that this upgrade aligns with Good Manufacturing Practices (GMP) and strengthens compliance with current GMP (cGMP) standards.
To sustain its growth momentum, he said the company is embarking on an ambitious expansion strategy.
