Fidson Healthcare PLC, a pharmaceutical company in Nigeria, reported revenue of N84.2 billion for 2024, up 59% from N53.1 billion in 2023, due to increased demand for medication.
The company made this announcement during its 30th anniversary, consolidating its position as the largest pharmaceutical player in the country.
According to the company’s recently released 2024 audited financial statements, net profit soared by 60% to N5.78 billion, while profit before tax climbed to N7.7 billion, representing a 30% increase. The market responded positively, with Fidson’s market capitalization reaching N44.64 billion as of April 2025.
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“This success wasn’t accidental,” said Imokha Ayebae, Fidson’s Finance Director. “It’s the outcome of operational efficiency, prudent financial management, and robust engagement with critical stakeholders.”
The earnings per share rose from 157 kobo to 252 kobo, while net asset per share increased by 23% to 1,034 kobo, reflecting improved shareholder value. In a move that signals continued confidence in its financial future, the board has proposed a dividend increase from N0.60 to N1.00 per share, translating to a payout of N2.29 billion.
At the heart of Fidson’s growth is its WHO-compliant manufacturing facility in Ogun State, one of the most advanced in Africa. The company has consistently invested in its local production capacity since 2002. In 2024 alone, it injected N3.7 billion into property, plant, and equipment, underscoring its commitment to reducing reliance on imported drugs.
“We’ve maintained a steady growth trajectory because we invest in global manufacturing standards,” said Biola Adebayo, Deputy Managing Director. “Fidson is now Africa’s leading large-volume parenterals (LVP) manufacturer, producing over 120 million bottles annually, and is also the only local producer of glass-ampoule injectables in Nigeria.”
Fidson’s logistics backbone is equally formidable. The company operates 11 state-of-the-art depots across all geopolitical zones, ensuring efficient distribution of medicines from production lines to pharmacies and hospitals nationwide.
Read also: Fidson proposes N1 final dividend as full year profit soars to N5.77bn
Beyond infrastructure, Fidson attributes much of its success to its 1,709-strong workforce. The company fosters a culture of professionalism, inclusion, and continuous learning. Employees benefit from comprehensive health insurance, performance-based incentives, and even free meals for lower-income staff.
“People are our most valuable asset,” said Adebayo. “Our investment in training and leadership grooming is what keeps us competitive.”
Looking ahead, Fidson plans to deepen its African footprint by exploring new markets and strategic partnerships across the healthcare value chain. In 2024, the company spent N248 million on CSR initiatives, reinforcing its commitment to public health, community engagement, and environmental sustainability.
“With visionary leadership and a relentless drive for quality, we’re not just leading the industry, we’re defining its future,” Adebayo added.
