Fidson Healthcare pre-tax profit rises 49.5% to N17.79 billion in 9 months

Fidson Healthcare Plc recorded a 49.47% increase in pre-tax profit to N17.79 billion for the nine months ended September 30, 2026, compared with N11.90 billion in the corresponding period of 2025, as foreign exchange losses declined sharply.

According to the company’s unaudited financial statements filed with the Nigerian Exchange (NGX) on Tuesday, October 27, 2026, the nine-month pre-tax profit has already exceeded the N14.96 billion reported for the whole of 2025.

Profit after tax rose by 47.23% to N11.74 billion from N7.97 billion, while revenue increased by 20.98% to N112.61 billion.

Fidson FX losses shrink sharply

Fidson’s pre-tax profit grew faster than operating profit, supported by lower financing costs and a substantial reduction in foreign exchange losses.

• Net exchange losses declined to N104.28 million from N4.16 billion a year earlier, representing a reduction of approximately N4.06 billion.
• Finance costs fell by 27.44% to N3.73 billion from N5.14 billion, while finance income increased to N272.13 million from N92.73 million.
• Interest on bank loans declined to N3.03 billion from N3.54 billion, while interest on commercial paper and other liabilities fell to N603.64 million from N1.43 billion.
• Gross profit increased by 28.07% to N48.94 billion, lifting gross margin to approximately 43.45% from 41.06%.
• Operating profit rose by 25.37% to N21.24 billion, while operating margin improved to 18.86% from 18.21%.
• The decline in foreign exchange losses was equivalent to approximately 69% of the N5.89 billion increase in pre-tax profit.

However, administrative expenses rose by 65.75% to N16.42 billion, while selling and distribution expenses increased by 50.17% to N11.51 billion.

Income tax expense also increased by 53.99% to N6.05 billion, representing an effective tax rate of approximately 34%.

Q3 Pre-Tax Profit doubles

Fidson recorded stronger earnings growth in the third quarter, with pre-tax profit increasing by 109.29% to N6.09 billion from N2.91 billion a year earlier.

• Profit after tax rose by 106.17% to N4.02 billion, while third-quarter revenue increased by 25.27% to N38.13 billion.
• Third-quarter operating profit increased by 43.46% to N6.86 billion, reflecting improved profitability during the period.
• Nairametrics previously reported that Fidson recorded N11.70 billion in pre-tax profit during the first half of 2026, with the third quarter contributing approximately one-third of the nine-month total.
• Ethical products generated N69.19 billion, up 13.17%, accounting for approximately 61% of the company’s nine-month revenue.
• Over-the-counter products increased by 26.01% to N35.05 billion, while consumer healthcare revenue rose by 69.77% to N6.39 billion.
• Export revenue increased to N1.98 billion from N364.64 million, although Nigeria continued to account for approximately 98% of total sales.

The results indicate that Fidson’s earnings growth was supported by stronger sales across product categories and improved margins, alongside lower foreign exchange losses.

Fidson Assets rise 56.20%

Fidson’s total assets increased by 56.20% to N125.41 billion during the nine-month period, reflecting significant expansion in its balance sheet.

• Shareholders’ funds nearly doubled to N60.01 billion, supported by N21.36 billion raised from the company’s share issue.
• Trade and other receivables increased by 164.93% to N29.32 billion, substantially outpacing the 20.98% growth in revenue.
• Inventory rose by 39.21% to N36.96 billion, while total borrowings increased by 70.30% to N23.85 billion from approximately N14 billion.
• The company repaid N20.29 billion in loans but obtained N30.16 billion in new borrowings during the period.
• Operating cash flow increased by 93.94% to N32.62 billion, while cash balances rose by approximately 132% to N10.93 billion.
• Capital expenditure stood at N9.97 billion, while the increase in borrowings came despite the rights issue prospectus earmarking N9.5 billion for debt repayment.

Nairametrics previously reported that Fidson’s N21 billion rights issue of 600 million shares at N35 per share was oversubscribed by 117.3%.

The enlarged share base also contributed to basic earnings per share rising by 12.68% to N3.91, below the 47.23% increase in profit after tax.

Fidson shares gain 66.7% YTD

Fidson Healthcare’s share price closed unchanged at N83.50 on Tuesday, October 27, 2026, according to the supplied market data.

• By midday on Wednesday, October 28, the stock had risen by 4.37%, or N3.65, to N87.15 from the previous closing price.
• Fidson began 2026 at N50.10 per share and had gained approximately 66.7% by the October 27 closing price.
• The company ranked 32nd on the Nigerian Exchange in year-to-date share-price performance as of that closing session.
• The increase to N87.15 during Wednesday’s trading represented a further gain beyond the previous day’s closing price.
• The nine-month results show stronger profitability, supported by lower foreign exchange losses, improved margins and higher operating cash flow.

However, the sharp increases in receivables, inventory and borrowings remain important balance-sheet developments for investors to monitor. The company’s ability to sustain earnings growth while managing working capital and financing obligations will remain relevant to its performance in the final quarter of 2026.