Leading healthcare company in Nigeria, Fidson Healthcare Plc, is seeking to raise N10 billion short-term financing through issuance of commercial papers to finance its business.
Cordros Securities Limited, one of the stockbrokers for the deal, disclosed that the proceeds from the issue will help to support the Company’s short term working capital requirements.
FSDH Capital Limited is the deal broker to the issue.
The fund-raise is part of the N25 billion capital raise programme planned by Fidson Healthcare Plc.
Meanwhile, Fidson Healthcare Plc profit for the financial year 2023 declined by 21.66 per cent to N3.28bn from N4.19bn in the previous year.
This was shown in their unaudited financial statements for the period ending December 2023, which was filed with the Nigerian Exchange Limited.
The moderation in profit experienced by Fidson Healthcare comes amid a surge in the prices of drugs due to foreign exchange volatility, inflation, and importation of drugs and the removal of fuel subsidies.
To further add value to the healthcare landscape in Nigeria and Africa, Fidson Healthcare Plc, and JiangsuAidea Pharmaceutical Company Ltd have officially signed a strategic cooperation agreement in Yangzhou, China.
The agreement aims to promote and address medical challenges through the use of innovative drugs especially in the treatment of over 1.9 million living with HIV in Nigeria.
In the period under review, Fidson reported a 30.55 percent increase in its revenue to N53.05bn.
Cost of sales of N34.07bn and finance cost of N2.08bn and other items impacted the firm’s bottom line.
