nigerian pharma tycoon fidelis ayebaes fidson posts 341 million profit in 2024

Nigerian Pharma Tycoon Fidelis Ayebae's Fidson Posts 3.41 Million Profit In 2024

Key Points
  • Fidson Healthcare's profit rose by nearly 40, reaching N5.05 billion 3.41 million in 2024, driven by higher demand for ethical products.
  • Revenue surged 58.7 to N84.19 billion 56.84 million, boosted by strong sales of ethical drugs and OTC products.
  • Fidson plans a 100 million investment in a new production facility, aiming to enhance Nigerias healthcare self-sufficiency, especially in HIV treatment.

Fidson Healthcare Plc, the Lagos-based pharmaceutical manufacturer founded by Nigerian pharmaceutical mogul Fidelis Ayebae, closed its 2024 fiscal year with strong financial results, driven by higher demand for ethical products, including infusions, capsules, and tablets.

According to its latest unaudited report , Fidsons profit jumped by nearly 40 percent, from N3.61 billion 2.44 million in 2023 to N5.05 billion 3.41 million in 2024, solidifying its role as a key player in Nigeria's pharmaceutical sector.

Revenue jumps 58.7 on drug sales

This was fueled by a 58.7 percent increase in revenue, which surged from N53.05 billion 35.82 million to N84.19 billion 56.84 million, with a significant boost in sales of ethical drugs.

Revenue from ethical products rose sharply to N55 billion 37.14 million from N32.59 billion 22 million, while over-the-counter OTC drug sales grew to N26.38 billion 17.81 million from N15.88 billion 10.72 million.

Fidson's 100 million push for healthcare

Founded in 1995 by Fidelis Ayebae, Fidson has grown to become one of Nigerias top pharmaceutical companies, with Ayebae holding a 33.1 percent stake, equivalent to 757.99 million shares. This makes him one of the largest investors on the Nigerian Exchange NGX.