The Audited Financial Statement of Mecure Industries Plc for the year ended 31 December 2023 revealed year on year growth in the Company’s top line and bottom figure.
The Company reported revenue of N31.759 billion for the 12 months period, up by 19.21% from N26.642 billion reported the previous year.
Profit after grew year on year by 11.65% to N2.913 billion from N2.609 billion reported in 2022.
Earnings per share of the Company stands at 73 kobo.
At the share price of N9.72, the P/E ratio of Mecure Industries Plc stands at 13.35x with earnings yield of 7.49%.
The Co-Chief Executive Officer (Finance and Accounts, Logistics, Procurements and Stores), Mr Arjun Udani commenting on the results stated thus:
“In the year 2023, our Company experienced substantial growth and progress, despite a difficult macro-economic environment evidenced by high inflation, tighter monetary policies, and foreign exchange volatility. MeCure Industries continued to focus on growth through our product and capacity expansion as well as efficiency, which resulted in 11.7% increase in our Profit after Tax. We also democratised the Company’s value creation through our successful listing on the NGX Growth Board which will enhance access to capital, collaboration, partnerships, and strategic alliances to further strengthen our position in the healthcare sector”
Co-Chief Executive Officer (Regulatory Affairs, Manufacturing Quality Control & Assurance, and Human Resources),Mrs Anderline Dukor commented on the full-year audited results saying “Over the course of the year, we have demonstrated our unwavering commitment to delivering exceptional value to stakeholders in the pharmaceutical industry evidenced by our commencement of the construction of Nigeria’s first and only Corticosteroid manufacturing plant aimed at the production of two new drug lines. We also collaborated with the National Agency for Food & Drug Administration (NAFDAC) to develop a pioneering Track and Trace solution, showing our commitment to product authenticity and the safety of our consumers. MeCure is conscious of the double burden of disease facing the Nation and continues to position itself with the capacity and technical know-how to alleviate these challenges while meeting the standard of quality and affordability required by Nigeria’s growing populace.
With confidence, we look forward to sustaining our growth trajectory in the year 2024, as we continue to make meaningful contributions to healthcare and well-being”