MeCure Industries Limited, a leading pharmaceuticals and nutraceuticals manufacturing company, has recently made a significant move by listing its 4 billion ordinary shares on the Nigerian Exchange Limited (NGX). This listing, done by introduction, saw each share priced at N2.96, contributing a substantial N11.84 billion to the market capitalization of the Exchange.
The ceremonial listing was marked with a Closing Gong event and an insightful Fact Behind the Listing Presentation. Mr. Samir Udani, the Chairman of MeCure Industries Plc, highlighted the company’s strategic objective to realize expansion plans through its presence on the NGX.
In his address during the listing ceremony, Udani emphasized the profound shift for the family-run business, as it now steps into the public domain. The Chairman anticipates increased visibility for MeCure Industries, foreseeing enhanced responsibility and accountability to shareholders and stakeholders.
Addressing the challenge of foreign exchange, Udani revealed that 30% of the company’s products are locally manufactured, underlining the scope for local producers to thrive amid forex challenges. He reassured investors of the company’s commitment to introducing innovations, indicating a proactive approach to adapting to market dynamics.
Mr. Temi Popoola, the Chief Executive Officer of NGX, welcomed the listing of MeCure Industries, noting its significance in filling a void within the healthcare sector on the exchange. He underscored the importance of healthcare companies in the capital market, citing the opportunity for MeCure to raise capital and strengthen its market visibility.
Popoola stated, “To have a company that sits at manufacturing towards the healthcare sector, we welcome that very much. It broadens the scope of investable assets for us at the Exchange.”
During the “Facts Behind the Listing” presentation, Mr. Ifedamola Oluwasegun, the Chief Financial Officer of MeCure, shared insights into the company’s principal business activities. MeCure specializes in the manufacturing, distribution, and sale of pharmaceutical and nutraceutical products. Oluwasegun highlighted the company’s entry into the nutraceuticals market in 2018, having developed 93 products under the flagship of Youthberry.
Discussing the financial performance, Oluwasegun revealed that in 2022, MeCure generated N2.10 billion from the sale of nutraceutical products. He emphasized the company’s well-defined operational processes, aligning with global best practices and applicable legislation.
On strategic goals, Oluwasegun outlined MeCure’s plan to invest N4.5 billion in manufacturing beta-lactam tablets and dry syrup, along with the production of Dexamethasone and Prednisolone tablets. These initiatives aim to further solidify the company’s position in the pharmaceutical industry.
Examining the financials, MeCure Industries exhibited robust growth, declaring a profit of N2.61 billion in 2022, a significant increase from the N677.23 million reported in 2021. The profit before tax also surged to N3.78 billion in 2022, compared to N1.79 billion in the previous year.
In terms of revenue, MeCure recorded N26.6 billion in 2022, marking a noteworthy growth of 28.72% from the N20.7 billion reported in 2021. This financial performance reflects the company’s resilience and strategic positioning in the pharmaceutical and nutraceutical markets.
The successful listing on the NGX not only symbolizes MeCure Industries’ commitment to expansion and innovation but also contributes to the diversification of investable assets on the Nigerian capital market. As MeCure continues to navigate the dynamic landscape of the pharmaceutical industry, its strategic initiatives and financial strength position it as a key player in driving sustainable business growth.
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