Mecure Industries Soars: Posts Impressive N2.65 Billion Pre-Tax Profit in 9-Month Surge

InfoStride News, the latest addition to the NGX, has unveiled its inaugural financial results, disclosing a pre-tax profit of N2.65 billion in compliance with the NGX’s listing requirements. The unaudited financial report spans the nine months ending September 2023.

For the specified period, the pharmaceutical firm reported robust financials, with revenue reaching N21.58 billion and cost of sales amounting to N14.1 billion. This resulted in a gross profit of N7.48 billion. Other notable figures include an operating profit of N4.36 billion, a pre-tax profit of N2.65 billion, and a profit for the period standing at N1.99 billion. The company also incurred a finance cost of N1.71 billion.

Mecure Industries Plc’s total assets were valued at N34.53 billion, with total equity standing at N11.30 billion.

In its “Facts Behind the Listing” presentation, Mecure highlighted its 2022 revenue of N26.642 billion, showcasing a remarkable 28.7% year-on-year growth from the previous year. The company emphasized its substantial market share of 33.94%, solidifying its position as one of Nigeria’s premier pharmaceutical entities.

The manufacturing division of the group contributed significantly to its revenue, generating N17.9 billion, while the nutraceutical division added N2.1 billion in revenue during the fiscal year 2022.

On November 7, Mecure Industries Plc entered the NGX by listing 4 billion shares at N2.96 per share, boasting a market capitalization of N11.8 billion. Since its listing, Mecure has emerged as the top gainer on the NGX, with its share price appreciating by an impressive 93.6%, closing at N5.73.

Despite its current success, Mecure’s CFO, Ifedamola Oluwasegun, clarified during the Facts Behind the Listing Presentation that the company’s listing by introduction was not aimed at raising funds. He disclosed that 500,000 shares were made available for trading, with plans to increase this figure gradually over the next few years, potentially reaching up to 20% of the company. Oluwasegun also hinted at a future initial public offering (IPO), stating, “Apart from the statutory listing, yes, we are looking at going into an IPO in the coming years.”