MeCure Industries Plc has released its audited full-year results for the period ended 31 December 2025, reporting a pre-tax profit of N7.93 billion, representing a 140.18% increase from N3.30 billion recorded in 2024.
Profit after tax grew by 177.5% YoY, reaching N6.463 billion; the highest in 3 three years and over 80% of the three-year combined profit.
Revenue for the year rose to N77.69 billion, up 68.80% from N46.03 billion recorded in the previous year, reflecting strong top-line expansion across its pharmaceutical manufacturing and distribution operations during the period.
Following the strong performance, the Board has recommended a dividend payout of N0.32 per ordinary share for the financial year ended 31 December 2025, subject to shareholders’ approval.
The proposed dividend represents an 113.33% increase compared to the N0.15 paid for the 2024 financial year.
Key Highlights (2025 vs 2024)
- Revenue: N77.69 billion; +68.80% YoY
- Cost of Sales: N51.19 billion; +63.84% YoY
- Gross Profit: N26.51 billion; +79.30% YoY
- Operating Profit: N16.43 billion; +98.33% YoY
- Profit after Tax: N6.46 billion; +177.46% YoY
- Earnings per Share: N1.62; +179.31% YoY
- Total Assets: N81.96 billion; +49.45% YoY
- Total Equity: N19.82 billion; +41.98% YoY
Driving the numbers
The impressive bottom-line growth was driven by strong revenue expansion, which helped absorb elevated direct costs, operating expenses, and higher finance costs during the year.
- The revenue expansion was buoyed by strong performance across its key product lines, particularly its Acute and OTC segments, which accounted for the largest share of total revenue.
- The company generated N42 billion from Acute products, representing a 69% year-on-year increase, while OTC products contributed N17.3 billion, up 68.80% year-on-year.
- Combined, both segments accounted for approximately 77% of total revenue during the year.
The stronger topline translated into a 79.30% rise in gross profit to N26.51 billion, indicating improved cost absorption despite elevated input costs.
Operating profit nearly doubled to N16.43 billion, reflecting operating leverage as marketing and administrative costs grew at a slower pace relative to revenue.
- However, finance costs increased significantly to N8.49 billion from N4.98 billion, largely driven by higher borrowings during the year.
- Total external debt rose to N55.33 billion, supported mainly by increased commercial paper issuance and working capital facilities.
Notwithstanding the higher finance burden, operating profit remained strong enough to cover finance costs approximately 2 times, an improvement from 1.6 times recorded in 2024, reflecting stronger operating efficiency despite elevated leverage.
On the balance sheet, total assets grew 49.45% to N81.96 billion, supported by higher property, plant and equipment, inventories and trade receivables.
- Cash and cash equivalents improved significantly to N6.48 billion.
Overall, the company delivered strong operating growth, though with a more leveraged balance sheet profile.
Market reaction
MeCure Industries began the year with a share price of N65.20 and closed last week at N75.85, representing a gain of 16.30% year-to-date.
The stock delivered an exceptional 369% gain last year, following a 15% increase in 2024.
The sustained rally suggests continued investor confidence in the company’s earnings growth trajectory.
