Fidson records N9.2b turnover, N155m profit in 2013

FIDSON Healthcare Plc has recorded a turnover of N9.2 billion and profit after tax of N155 million for the 2013 financial year.

Specifically, the company’s audited result for the year ended December 31, 2013 showed an increase in turnover from N7.2 billion in 2012 to N9.2 billion.  This represents 29per cent growth over previous year.

However, profit before tax declined by 54per cent to N250 million from N540million in 2012.  Similarly, profit after tax dropped by 25 per cent to N155million from N207million in 2012.

Gross profit stood at N5 billion against N4billion achieved in 2012.

The drop, according to the company was due to impairment loss incurred on Fidson Products Limited, an associate company that was adversely affected by changes in government policy as well as ban on importation of diapers, the major product of the company.  This would be the first time the associate’s result will be consolidated with that of the company in compliance with IFRS provisions.

It explained that the increase in operating profit was due to increases in turnover and better management of operational costs leading to increase in gross margins.

Operating profit increased from N854million in 2012 to N1.3billion during the period under review.

However, other comprehensive income majorly from actuarial gains at N42 million against a loss of N19 million the previous year moderated total comprehensive income for the year to N197million, up from N188m in 2012, that is, 5per cent increase.

The balance sheet grew by 15per cent, from N10.8 billion in 2012 to N12.4 billion, mainly resulting from our investment in the Biotech Plant.

It added; ”the company has started the new year on a promising note.  Profit before tax for the first quarter was N283million against N269.6million, representing 5per cent over the corresponding period.”