Fidson Records 7% Drop in Revenue in 2016

By Modupe Gbadeyanka

One of the leading pharmaceutical companies in Nigeria, Fidson Healthcare Plc, has declared a drop in its revenue for the year ended December 31, 2016.

The firm, which released its audited financial statements to the Nigerian Stock Exchange (NSE), today, revealed that its turnover for the year depreciated by 7 percent to N7.7 billion from N8.2 billion a year earlier.

This may have been caused by the forex crisis that affected several multinationals and local businesses in the country due to recession.

In the data released to the NSE, Fidson declared a huge fall in its pre-tax profit; N443.8 million in 2016 versus 838.04 million as at December 31, 2015.

In the audited report analysed by Business Post, the pharmaceutical firm closed 2015 with 407 employees, but 12 months later, it finished with a total number 394 staff.

Also, Fidson, which deals with the manufacture and distribution of pharmaceutical products, stated that its profit for the year stood at N316.7 million in December 31, 2016 in contrast to N744.4 million it declared in 2015.

In the report, the firm said its total assets as at December 2016 was N16.666 billion against N16.670 billion it posted a year earlier.

During the period under review, the company paid the sum of N342.8 million as retirement benefit obligation compared with N377.8 million it paid for the same purpose 12 months earlier.