Fidson posts N526m profit, pays 20k dividend

Fidson posts N526m profit, pays 20k dividend

By Gbenga Agbana


Fidson Healthcare Plc, one of the companies listed in the healthcare sub-sector of the Nigerian Stock Exchange (NSE), has posted N526.4 million operating profit in the financial year ended June 30, 2008, over N505.30 million in the same period in 2007.


The feat was achieved over a turnover, which rose from N3.3 billion in 2007 to N4.5 billion in 2008. Paid up capital also rose from N89.2 million in 2007 to N750 million in 2008, while shareholders\' fund also increased from N1.43 billion to N4.965 billion.


After tax profit fell from N505.3 million to N189.3 million due to the payment of taxation, which the company was exempted from in 2007.


Dividend per share rose from 13 kobo (adjusted) to 20 kobo per share, while earnings per share fell from 402 kobo to 13 kobo per share, and net asset per share fell from 1,600 kobo 331 kobo.


However, in the first quarter ended September 30, 2008 the company posted an after tax profit of N138 million over N35 million in the corresponding period in 2007, on a turnover, which rose by 144 per cent from N617 million to N1.51 billion in 2008.


The company, in a statement attached to the result attributed the performance in the first quarter to increase in business activity propelled by the additional capital raised during the private placement exercise recently concluded by the company.


In a statement sent to shareholders ahead of the yearly general meeting scheduled to hold on Friday, the chairman, Mr. Felix Ohiwerei, attributed the drop in net profit to the tax provision in 2008 account.


His words: \"The year\'s result took account of necessary provision for staff pension/gratuity. We have come to the end of a tax holiday granted by government for our pioneering efforts in local manufacture. A company income tax provision of N188.7 million has therefore been made in the accounts.\"


Looking forward, Ohiwerei said that shareholders should expect better returns at the end of the current financial year.


\"The board looks to the future with optimism borne out of the confidence that the various projects embarked upon will soon start to yield good results.


\"Our vision to position the company as a multi-faceted conglomerate remains on track. We shall also endeavour to bring to bear continuous improvement on our current operations.\" - Guardian


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