Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Paid Content

Fidson reports over 500% increase in profit for 2019

Fidson grew its profit for the year by 518% from a loss of N97.45 million in 2018 to N407.19 million in 2019.

Published

on

Fidson Healthcare Plc held its 21st Annual General Meeting last weekend at the Conference Centre, Fidson Towers in Obanikoro, Lagos. The AGM was held by proxy, to comply with the Federal government’s directives on social distancing and rules limiting social gathering to a maximum of 20 people. Shareholders approved a dividend of N0.15 per share while commending the company for ensuring that investors continue to get good value on their investments.

Fidson grew its profit for the year by 518% from a loss of N97.45 million in 2018 to N407.19 million in 2019. This is despite a decrease in Revenue of 13%, from N16.23 billion in FY2018 to N14.06 billion in FY2019, which is largely as a result of the impact of the rescheduled national elections on its business operations in the first half of 2019, as well as the ensuing consumer passivity.

According to the Chairman of the Board, Mr Segun Adebanji, the company adopted several cost optimization initiatives that ultimately led to the profitability increase. Gross margin improved from 39% in FY2018 to 42% in FY 2019, administrative and sales expenses reduced by 13% while finance cost dropped by over 10%. He reported that proceeds from the company’s Right Issue in July 2019 were used to repay expensive loans, finance capital expenditure and working capital needs.

Fidson continues to leverage its WHO-compliant factory, introducing 10 new products in 2019, and went into an agreement with GlaxoSmithKline Plc to contract manufacture for them from 2021 onwards. This will ultimately drive an increase in output and efficiency, and bring variable costs of production down.

Explore data and research from Nairametrics on Nairalytics

Looking into the future, the Board is committed to implementing strategic initiatives like international collaboration and Research & Development to drive sustainable growth as well as cement its leadership position in the industry.

The Covid-19 pandemic has provided opportunities to explore the development of new products and with the increasing support of the government for the healthcare sector, the company anticipates that it would successfully mitigate some of the shocks caused by the pandemic and emerge successful in the months ahead.

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Paid Content

From worry to ease: How FundBae is helping young Nigerians meet their money goals

FundBae strives to make money management, both practical and emotionally fulfilling.

Published

on

In Nigeria today, data show that individuals have a high propensity to consume but a low tendency to save. High consumption simply means low savings and investments, which might be a function of the country’s economy typified by low incomes or poor salaries but could also be a reflection of a culture that doesn’t save or invest. Yet, low income should not be a reason not to save because savings and investments have the capacity to increase the quality of life, reduce risk and increase financial security.

In this context, FundBae simply provides savings and wealth management services targeted to the mass affluent and millennials via a well-designed, intuitive app. FundBae offers an easy-to-use application that offers flexible saving and higher interest rates on their savings offering up to 15% interest per annum relative to a traditional bank account.

Launched in November 2020, the money app has recorded over 7,500 users with over N200 million in transaction value. Users can simultaneously save, invest, and access loans at the most competitive interest rates.

The app empowers the users to maximize their happiness by saving, spending, and investing with their goals in mind.

Users have control over how much they save and earn depending on plans they opt for; a user can save and get interest paid every day that is easily accessible anytime. A user does not necessarily need to wait till maturity before accessing both interest and capital.

In a report released by the National Bureau of Statistics (NBS) titled “2019 Poverty and Inequality in Nigeria”, it states that 40 percent of Nigeria’s population, or almost 83 million people live below the country’s poverty line of 137,430 Naira ($381. 75) per year. It means that lots of Nigerians live below the poverty line not just because they have low incomes or poor salaries, but perhaps the inability to imbibe a savings and investment culture.

Co-Founder, Sola Adeyinka, CFA stated that FundBae was born out of a passion for helping individuals achieve their financial goals, efficiently and seamlessly. In his words, “We started FundBae, which is a holistic and integrated goal-based experience that serves the financial life of our customers over the short, medium, and long term. We understand the struggles our customers face, and for this reason that is why the FundBae experience empowers our customers with services, resources to help them find fulfilment and happiness with their finances. FundBae is about more than just taking charge of your money – it’s your plan for money happiness and financial goals”.

How Does FundBae Work?

Flexibility is a critical factor for FundBae. That is why the platforms allow the users to explore and choose from the available plans. The company has developed Android and iOS versions making it easily accessible for any user on any device usage. An individual can subscribe to any of the following plans:

  • FlexBae – a flexible savings account where a user earns interest on loose funds in as little as 24 hours, interests are paid daily, which is accessible freely within a specific duration. In this plan, users can access their interest from 8 am-4 pm on working days. The interest rate on the FlexBae plan is up to 12% per annum.
  • VaultLite – this plan enables a user to save consistently towards a particular financial goal. The interest rate for a user Vault account is up to 10% per annum.
  • VaultPlus – a fixed savings option that allows you to earn higher interest per annum. A user can decide to save for 3- 6 months or 2 years. The interest rate on your vault plus is up to 15% per annum. Interests are paid upfront.
  • Save2B – this is a savings plan where a user earns a high-interest rate and qualify for a loan of up to 200% of your savings after consistent savings for six months.

Looking Forward

FundBae strives to make money management, both practical and emotionally fulfilling. The challenge for many individuals is to break up their budgets into weekly allocations and develop a plan within their means and leave them feeling their needs are met. The FundBae founders are more focused on building a customer-centric product where users experience a modern banking experience based on goal setting and saving effortless, motivating, and even a little fun.

The Chief Operating Officer, Femi Darabidan, stated that “FundBae focuses on users to do more of what helps them master their money. “We will help achieve their goals by creating more personalized tools and experiences on the app for individual financial growth.”

The founders also stated that their target is to grow financial literacy for middle-class individuals and the millennials. To them, this will play a significant role in helping the users make reliable financial decisions. “We will create lots of avenues that will increase the financial literacy of our existing customers. We believe an individual can do their best to prepare for the future by getting their finances in order, no matter how much or how little they make.” Femi stated.

bitcoin train

Money is personal, so FundBae is too. What are your goals? FundBae will help you save for near-term goals and invest for those further in the future also saving for all the wonderful things you want to experience.

Binance

For more details about FundBae, visit www.fundbae.ng

FundBae is also available on Play store and App Store, and on all social media @fundbaeng

Jaiz bank ads

Continue Reading

Paid Content

Fidelity restates support to small business as Enugu First Lady, ABCON commend bank

The webinar is part of concerted efforts to assist entrepreneurs unlock their full potentials and take their businesses to the next level of growth.

Published

on

Fidelity Bank Plc, top Nigerian lender has reaffirmed its commitment to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country by providing capacity building and advisory services, innovative funding options and other forms of relevant support that would significantly improve their overall contributions to national development.

Fidelity CEO, Mrs. Nneka Onyeali-Ikpe gave the assurance at the Fidelity SME National Capacity Building Webinar organized by the bank for entrepreneurs in Enugu State, in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

The webinar which will take place across the country on a state-by-state basis, is part of concerted efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.

Mrs. Onyeali-Ikpe who during her remarks on Wednesday provided insights into the bank’s unique approach to managing MSMEs, pointed out that SMEs which are businesses with less than N100m annual turnover contribute about 48 percent of national GDP, account for 96 percent of businesses and 84 percent of employment in Nigeria.

She noted that despite the significant contribution of SMEs to the Nigerian economy, challenges still persist that hinder the growth and development of the sector. Chief among these are funding, lack of infrastructure, poor management, low entrepreneurial skills, improper planning, poor digital skills, etc. The Fidelity CEO however noted that the webinar seeks to proffer appropriate solutions to these challenges in a very practicable manner.

“We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions provides funding, business advisory services for all our customers. This webinar is an excellent opportunity to network, share information and deepen the SME sector in Enugu State”, she explained.

Themed “Funding and Financial Management”, the Enugu Edition had in attendance special guests including Mrs. Monica Ugwuanyi, First Lady, Enugu State, Sir Robert O. Anwatu, Managing Director/Chief Executive Officer, Roban Stores, and Mr. Chiedozie Atuegwu, Director, Michelle Laboratories Limited, amongst others.

In her remarks, Mrs. Ugwuanyi applauded the bank for its unrelenting support for MSMEs in Enugu State, stating that the Ifeanyi Ugwuanyi-led administration remained at the forefront of SME development in Nigeria as exemplified by its continuous investments in infrastructure deployment and provision of labor policy frameworks to further encourage investments.

Speaking in the same vein, President, Association of Bureau De Change Operators of Nigeria (ABCON) (ABCON) Dr. Aminu Gwadabe commended the bank for its sustained efforts at promoting MSMEs nationwide. Gwadabe noted that the bank had been very supportive to its 5,000 licensed members nationwide. “The Bureau De Change (BDC) does about N1.4trillion per annum. Fidelity Bank controls 60 percent of these transactions in the country”, he explained.

Whilst shedding light on the dynamics of the Bureau De Change sector, Dr, Gwadabe revealed that exchange rate stability was determined by the country’s SME structure. Given the immense potentials inherent in the nation’s MSME space, he said that the fledgling sector, if properly positioned, could assist the Central Bank of Nigeria (CBN) achieve its mandate on exchange rate stability.

Click here to watch the full webinar.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings