MeCure Industries PLC announced its financial results for the second quarter of 2024, revealing a slight increase in pre-tax profit and a substantial rise in revenue.
Key Financials:
- Revenue: N17.1 billion (up 38.61% YoY from N12.3 billion)
- Cost of Sales: N11.4 billion (up 41.38% YoY)
- Gross Profit: N5.6 billion (up 33.36% YoY)
- Pre-Tax Profit: N1.33 billion (up 0.95% YoY from N1.32 billion)
- Finance Cost: N1.5 billion (up 49.10% YoY)
- Earnings Per Share (EPS): N0.23 (down 14.81% YoY from N0.27)
Commentary:
MeCure’s revenue growth was driven by increased sales of its pharmaceutical products, with a notable boost from the introduction of a new beta-lactam drug, Amoxyclav 625 mg. Production of this drug began in Q1 2024, and the company received NAFDAC approval to use local raw materials.
Despite the revenue surge and a rise in gross profit, the company faced challenges from a higher cost of sales and increased finance costs. This led to a modest rise in pre-tax profit, while EPS fell by 14.81%.
The company’s stock is currently trading at N7.75 per share on the Nigerian stock market.