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MeCure Industries Plc posted a profit after tax of N4.46 billion for the nine months ended September 30, a 186 percent rise from N1.56 billion in the same period of 2024, as revenue nearly doubled on strong domestic demand across its pharmaceutical and diagnostics divisions.
The drug maker’s unaudited financial statements show that revenue surged 99 percent to N60 billion from N30.2 billion a year earlier, reflecting higher product sales and improved pricing. The cost of sales jumped 96 percent to N39.6 billion, earning a gross profit of N20.4 billion, twice the N10 billion it recorded last year.
MeCure maintained operating discipline despite the inflationary pressures that have haunted the markets in 2025. Marketing expenses rose 36.6 percent to N2.64 billion, while administrative costs increased 58.6 percent to N4.89 billion. The stronger topline offset these expenses, driving operating profit to N13 billion, a 159 percent increase from N5 billion in 2024.
Finance costs surged 137 percent to N6.65 billion, reflecting higher borrowings and interest rate pressures in the broader economy. Consequently, profit before tax stood at N6.37 billion, nearly three times the N2.23 billion recorded in the corresponding period of 2024.
After a tax charge of N1.911 billion, net profit settled at N4.46 billion, up from N1.56 billion a year earlier. Earnings per share climbed to N1.11 from 39 kobo, improving shareholder returns.
On the balance sheet side, MeCure’s total assets expanded by 43 percent to N78.2 billion, driven by a sharp increase in trade receivables (up 145 percent to N20.3 billion) and inventories (up 29 percent to N12.8 billion). Cash holdings rose more than sixfold to N2.48 billion, even as the company ramped up investments in property, plant, and equipment to N42.7 billion.
Total liabilities climbed 48 percent to N60.4 billion, reflecting higher commercial paper issuances and short-term loans to support working capital. As a result, MeCure’s debt-to-equity ratio widened to 3.4 times, up from 2.9 times at the end of 2024.
