N6bn capital raising’ll boost productivity –Fidson

N6bn capital raising’ll boost productivity –Fidson

N6bn capital raising’ll boost productivity –Fidson

Fidson Healthcare Plc says its N6bn capital raising recently approved by shareholders will aid the expansion of its production capacity.

Shareholders have approved the capital raise at the firm’s 18th Annual General Meeting held in Lagos for the purpose of enhancing business operation.

The company’s audited accounts for the year ended December 31, 2016, was also presented to shareholders.

The meeting also led to the re-election of Mr. Felix Ohiwerei and other directors who are due for re-election, and election of members of the Audit Committee in accordance with Section 359 (4) (5) of the Companies and Allied Matters Acts, CAP C20 LFN 2004.

Ohiwerei was thereby re-elected as chairman of the company, while Mrs.Oluwafunmilola Ayebae and Mr. Emmanuel Imoagene were both re-elected into the company’s board.

Ohiwerei, at the meeting, discussed the industry’s microeconomic environment and highlighted the company’s growth performance and operating result for the last financial year as well as future outlook.

He said the economic decline which started towards the end of 2015 and became apparent in 2016 when the economy was declared to be in recession, affected businesses in the country.

However, the firm’s turnover for the year ended December 31, 2014 was N9.7bn, representing an increase of 5.24 per cent when compared with N9.2bn recorded in 2013. Gross profit stood at N5.4bn compared with N5.1bn made in the year before, showing an increase of 6.5 per cent.

Its operating profit also increased by 4.65 per cent from N1.3bn in 2013 to N1.4bn in 2014. Profit after tax was N631m, against N154m recorded in 2013.

He noted that the significant increase in profit was due to the impact of impairment on investment in associate company on 2013 profit. Net asset had grown by 10 per cent from N5.2bn in 2013 to N5.7bn in 2014.

Ohiwerei further emphasised that with the biotech plant reaching its final stage of completion and expected to be operational soon, the board was confident of the continued growth and success of the company.

Source:© Copyright Punch Online