Fidson Healthcare turnover up 29% in 2013
Fidson Healthcare Plc has announced the full year results for the period ended 31st December 2013.
Turnover for the period increased from N7.2bn to N9.2bn representing 29 per cent growth over the previous year. Gross profit was N5bn against N4bn made in the year before, a 26 per cent increase.
Operating profit increased from N854m in 2012 to N1.3bn due to increases in turnover and better management of operational costs leading to increase in gross margins. Profit before tax however declined by 54 per cent to N250m from N540m in 2012. Similarly, profit after tax declined by 25 per cent from N207m to N155m. The drop was due to impairment loss incurred on Fidson Products Limited, an associate company that was adversely affected by changes in government policy vis-a-vis 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. However, other comprehensive income majorly from actuarial gains at N42m against a loss of N19m the previous year moderated total comprehensive income for the year to N197m, up from N188m in 2012, that is, 5 per cent increase.
The balance sheet grew by 15 per cent, from N10.8bn in 2012 to N12.4bn, mainly resulting from investment in the Biotech Plant. Meanwhile, the company has started the New Year on a promising note as its profit before tax for the first quarter was N283m against N269.6m, that is, 5 per cent over the corresponding period.