Fidson Healthcare Plc this week released its financial statements for the year ended December 2017. Revenue surged by 86% from ₦7.6 billion in 2016 to ₦14 billion in 2017. The company also quadrupled its final dividend from ₦0.05 in 2016 to ₦0.20 in 2017 amounting to ₦300 million.
Investors have also keyed into the stock as its share price rose by 201% from ₦1.23 in December 2016 to ₦3.70 in December 2017. From January 2018 to date, the stock has also appreciated by 54% and is currently trading at ₦5.70.
Fidson was founded by Fidelis Ayebae who remains the Managing Director (MD). He also holds 35.51% of the company’s shares through direct and indirect vehicles. Ayebae has a direct holding of 446,534,443 shares. In addition, he has an indirect holding of 86,120,000 shares through Glorious Haven Limited.
Fidson’s share price as at March 2017 when the company released its FY 2017 results was ₦1.21, giving him a net worth of ₦644 million. Going by the company’s current share price of ₦5.70, the value of Ayebae’ shareholdings are up by over N2.3 billion, giving him a net worth of ₦3.0 billion, and pushing him to billionaire status.
Ayebae’s networth could be significantly larger if one were to include other equity holdings. His holdings in NEM Insurance Plc, where he is Chairman, are valued at ₦67 million, going by current market prices.
Fidelis Akhagbaso Ayebae graduated from the Mainland Institute of Technology in 1976 with a Diploma in Civil Engineering. He obtained an Advance Diploma in Business Administration from the University of Lagos in 1999.
Prior to establishing Fidson in 1995, he worked in Nigerian International Bank (Citibank) as Assistant General Manager and Metalum Limited as Project Manager.
He is a Fellow of the Chartered Institute of Corporate Affairs and Associate of the Chartered Institute of Administration.
He is also a member of the Nigerian Institute of Management (NIM), the Institute of Directors (IOD), and several associations including the Manufacturers Association of Nigeria (MAN), Pharmaceuticals Manufacturers Group of MAN and the Nigerian American Chamber of Commerce.
He sits on several boards including NEM Insurance where has been a Non-Executive Director since September 2009. He is married with children.
Fidson Healthcare was incorporated as a private limited liability company on 13 March,1995 and commenced business activities on 15 March 1995. The principal activities of the Company include manufacturing and distribution of pharmaceutical products. The company’s shares were quoted the Nigerian Stock Exchange on 5 June, 2008.
CBN ‘Naira 4 Dollar Scheme’ will engender Naira stability – ABCON
ABCON) has shown its full support to the recent ‘CBN Naira 4 Dollar Scheme’.
The Association of Bureau De Change Operators of Nigeria (ABCON) has shown its full support to the recent ‘CBN Naira 4 Dollar Scheme,’ noting that it is capable of ensuring a competitive diaspora remittance market space that would spur Naira stability.
This disclosure was made by the President of ABCON, Alhaji Aminu Gwadabe in an interview with the News Agency of Nigeria (NAN).
Alhaji Gwadabe’s reaction was sequel to the recent policy by CBN which instructed commercial banks and IMTOs to pay an incentive of N5 for every USD1 remitted by sender and collected by designated beneficiaries.
Reacting to the recent policy, Gwadabe opined that there was a need to break the monopoly of certain players in the remittances spaces by allowing other relevant stakeholders like BDCs. He cited examples of how Kenya, Ghana and a host of other African countries deepened their remittance space through a competitive market, and how it led to the stability of their domestic currencies.
In addition, Gwadabe cautioned against complacency, noting that more needed to be done for the policy to achieve its anticipated objective of shoring up the value of the Naira through liquidity boost.
Gwadabe said: “There is no doubt the incentive will be somehow attractive to the targeted beneficiaries of the remittances and therefore aimed to address concerns of one of the principal ally in the chain of remittances.
‘’This therefore suggests that it is a window, if well-articulated and includes all the principal allies in the remittances space, will help the Nigerian economy for the availability of FX liquidity,’’ he added.
What you should know
- Nairametrics had earlier reported the introduction of CBN ‘Naira 4 Dollar Scheme’ in a circular issued by the apex bank dated 5th of March, 2021.
- The new policy is expected to create an easier, flexible, and more transparent system of remittance administration that will accelerate investment and growth in Nigeria.
- The scheme became effective today and is expected to elapse by 8th of May, 2021.
Nigerian Stocks bulls stage a comeback, ARDOVA, OANDO rally high
The performance of the market today was largely driven by price appreciation in Nigerian Oil stocks.
Nigerian stocks ended the first trading session of the week bullish. The All Share Index rallied up by 0.17% to close at 39,396.57 index points as against the 0.08% drop recorded last Friday. Its Year-to-Date (YTD) returns currently stand at -2.17%.
- However, the Nigerian trading bourse turnover printed negative as volume dipped by 49.92% as against the 19.18% surge recorded last Friday.
- ZENITHBANK, FBNH, and MANSARD were the most active Nigerian Stocks that boosted the Nigerian Stock market turnover on Monday.
- The Market breadth closed positive as ARDOVA led 24 Gainers as against 14 Losers topped by DNMEYER at the end of today’s session – an improved performance when compared with the previous outlook.
- ARDOVA up 10.00% to close at N14.85
- LINKASSURE up 10.00% to close at N0.55
- CHAMPION up 9.52% to close at N1.84
- OANDO up 9.43% to close at N2.9
- MORISON up 9.09% to close at N0.72
- MEYER down 10.00% to close at N0.45
- LIVESTOCK down 9.87% to close at N2.01
- SCOA down 9.85% to close at N2.38
- IKEJAHOTEL down 9.48% to close at N1.05
- NEM down 6.88% to close at N1.76
Nigerian bourse ended Monday’s trading session on a bullish note amid price swings prevailing in the oil futures market.
- The performance of the market today was largely driven by price appreciation in Nigerian Oil stocks.
- Amidst such turnaround currently in play, Nairametrics envisages caution as recent price action reveals high selling pressures still prevail among a significant number of low and medium-capitalized stocks across the market spectrum.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2020 FY Results: Champion Breweries Plc reports a revenue growth of 1.80% in 2020
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020