Fidson Grow PAT by 26% to N203m in Q1 2018

By Dipo Olowookere

One of the leading players in the healthcare sector in Nigeria, Fidson Healthcare Plc has shown why it is a force to reckon with in the industry.

The firm, in its unaudited financial statements for the period ended March 31, 2018, recorded an increase in profit after tax (PAT), which closed at N202.8 million compared with N161 million as at March 2017.

Also, the profit before tax increased year-on-year to N298.2 million in Q1 2018 from N236.7 million in Q1 2917, when it was still struggling to get back on its feet from the recession suffered by the country in the second quarter of 2016, which affected many businesses operation in Nigeria.

According to the financial results of Fidson, the revenue generated in the period under review rose to N3.6 billion from N3.4 billion in the corresponding period of last year.

However, the gross profit in Q1 2018 dropped to N1.7 billion from N1.8 billion in Q1 2017.

The company further revealed in the unaudited statements that the operating profit increased to N538.8 million in the first three months of this year from N450.7 million in the first three months of last year.

It was also indicated in the results that the total assets of the firm as at March 31, 2018 stood at N17.8 billion against N17.5 billion as at December 31, 2017, while the total liabilities ended in Q1 2018 at N9.9 billion versus N9.8 billion in FY 2017.

Business Post, from the analysis of the financial statements, gathered from Fidson spent more on administrative expenses in Q1 2018 than in Q1 2017.

A total of N705.3 million was used to run the company in the period under review against N654.9 million in Q1 2017.

The payment of salaries of workers gulped N162.3 million in Q1 2018 versus N166.8 million in Q1 2017, N61.4 million was spent on travelling against N58.1 million last year, N33.4 million for diesel and fuel in Q1 2018 compared with N70.4 million in Q1 2017, N12.7 million on consultancy in Q1 2018 against N2 million in Q1 2017, repairs and maintenance gulped N151.6 million in Q1 2018 versus N66.2 million in Q1 2017, conferences and workshops raked N7.3 million in Q1 2018 in contrast to N1.3 million in Q1 2017, N7.3 million was spent on telephone, internet and postage in Q1 2018 against N9.4 million in Q1 2017, printing and stationary gulped N12.7 million in the period under review against N6.3 million in the corresponding period of last year, canteen exp and auxiliary material tools raked N30.4 million from the company in Q1 2018 against N10.4 million in Q1 2017, while N15.3 million was used for CSR activities in the first three months of 2018 versus N3.9 million in the first three months of 2017.

Also, during the period under review, selling and distribution expenses gulped 522.8 million against N653.5 million in the same period last year, while N250 million was used to pay interest on bank loan against N214 million used in Q1 2017.