Fidson Healthcare, currently Nigeria’s most capitalised healthcare firm with a market value of N273 billion, has reported a 28 percent increase in profit after tax to N7.7 billion in H1 2026, up from N6.02 billion in the corresponding period of 2025, according to the company’s unaudited half-year financial statement.
The Lagos-based pharmaceutical firm’s growth was underpinned by a strong topline performance, with revenue rising 18 percent year-on-year to N74 billion from N62 billion in 2025, driven by strong sales of pharmaceutical and ethical goods. Export figures recorded the most significant jump, surging almost 950 percent from N173 million in 2025 to N1.82 billion in the period under review.
Gross profit rose by 24 percent, outpacing revenue growth, climbing from N25.70 billion in H1 2025 to N32.01 billion in H1 2026. This was largely attributed to a lower cost of sales as a percentage of revenue, which dropped to 57 percent in 2026 from 59 percent in 2025.
Operating profit recorded the slowest growth among the major line items, rising 18.25 percent from N12.16 billion to N14.38 billion, weighed down by a surge in selling, distribution, and administrative expenses.
On the balance sheet, current assets grew by 46.84 percent, driven mainly by higher trade receivables and cash balances, while equity rose 95 percent from N30.19 billion in Dec 2025 to N59.11 billion in H1 2026.
Total assets grew by 28.3 percent, largely on the back of the increase in current assets, while total liabilities reduced by 8 percent over the same period. Fidson’s asset-to-liability ratio stands at 2.15x, a figure that suggests the company is well-positioned to meet its debt obligations.
On cash flow, Fidson’s cash position swung from a deficit of N2.60 billion in H1 2025 to a positive balance of N12.94 billion in H1 2026 — a turnaround of N15.54 billion.
This was driven by operating activities, which generated N28.09 billion in net cash, more than triple the prior year’s H1 figure, aided by a recovery in prepayments and an increase in trade payables.
This cash generation was sufficient to cover N8.38 billion spent on investing activities, mainly capital expenditure on property, plant and equipment, as well as N11.47 billion used in financing activities. On the financing side, the company raised N24.14 billion in fresh borrowings but used a larger sum to repay existing loans and other financial liabilities, service interest, and pay shareholders a dividend of N2.37 billion.
On the equities market, Fidson currently has a market capitalisation of N300 billion, with its share price trading at N100, reflecting a year-to-date gain of 99.60 percent for shareholders.