The newest entrants on the NGX, Mecure Industries Plc reported a pre-tax profit of N2.65 billion in its first-ever public financial results release.
The company filed its unaudited financial results for the nine months ending September 2023, a statutory requirement for companies listed on the NGX.
According to the results, the pharmaceutical company reported a revenue of N21.58 billion and a cost of sales of N14.1 billion, representing a gross profit of N7.48 billion during the period.
Key Highlights (Nine-Months 2023)
- Revenue: N21.58 billion
- Cost of sales: N14.10 billion
- Gross profit: N7.48 billion
- Operating profit: N4.36 billion
- Pre-tax profit: N2.65 billion
- Profit for the period: N1.99 billion
- Finance cost: N1.71 billion
- Total assets: N34.53 billion
- Total equity: N11.30 billion
During its “Facts Behind the Listing” presentation, Mecure’s 2022 revenue was put at N26.642 billion, representing a 28.7% year-on-year revenue growth from 2021.
The group also noted that they had a market share of 33.94%, making them one of Nigeria’s leading pharmaceutical companies.
The group’s manufacturing division generated a revenue of N17.9 billion while its nutraceutical division generated a revenue of N2.1 billion in FY 2022.
What you should know
On November 7, Mecure Industries Plc listed 4 billion shares at N2.96 per share with a market cap of N11.8 billion.
However, since the day of the listing, Mecure has become the NGX’s top gainer, as its share price has appreciated by 93.6%, closing today at N5.73.
After its listing by introduction last week, the group is expected to carry out an initial public offering in the future. During its Facts Behind the Listing Presentation, the Chief Finance Officer of the group, Ifedamola Oluwasegun noted,
- “Today, what we are doing is listing by introduction. We are not here to raise money. We have listed 500,000 available to trade. Over the next few years, it will significantly increase it all the way to 20 per cent of the company.
- “Apart from the statutory listing, yes we are looking at going into an IPO in the coming years.”
