Despite significant macroeconomic headwinds, including inflationary pressures and high interest rates, a frontline pharmaceutical company, Me Cure Industries, remained resilient and recorded notable progress across key financial and operational metrics in the financial year ended December 31, 2024.
The company’s revenue rose impressively by 45 percent, increasing from N31.7 billion in 2023 to N46 billion in 2024, driven by a strong focus on cost optimisation, product innovation, and regional market expansion.
Although profit before tax declined moderately by 8.3 percent to N3.3 billion, down from N3.6 billion in 2023 due to tough operating environment, shareholders were rewarded with a dividend payout of N600 Million, translating into 15 kobo per share, Similarly, profit after tax decreased by 20 percent, from N2.9 billion to N2.3 billion, he said.
‘This performance underscores the dedication, innovation, and adaptability of our management and staff in navigating a challenging business landscape. During the year, we launched 10 new products and commenced exports to neighbouring West African markets, further deepening our regional presence. In line with our growth strategy, we continued significant investments in facility upgrades to meet global Good Manufacturing Practice (GMP) standards. Our Lagos industrial complex now houses six standalone, NAFDAC-approved production plants, enhancing output capacity across tablets, capsules, and syrups.
‘On the innovation front, our in-house Research and Development team continued to develop new products, several of which are now awaiting regulatory approval from NAFDAC. We remain committed to the highest standards of corporate governance, transparency, and ethical conduct. Throughout the year, the Board worked closely with management to strengthen internal controls, ensure regulatory compliance, and manage emerging risks. In alignment with the Nigerian Code of Corporate Governance and international best practices, our governance structure continues to evolve. We are prepared to take advantage of emerging opportunities,’ stated the Company’s Chairman, Samir Udani at the Company’s Annual General Meeting in Lagos at the weekend.
Shareholders commended the performance against the backdrop of the inclement operating environment. Co-ordinator, Pragmatic Shareholders Association, Bisi Bakare said: ‘ Despite the challenges in the economy, Me Cure was able to grow its revenue by 45 per cent. This shows resilience. The company also rewarded the shareholders with 15 kobo dividend per share. This is also commendable. Itsinvestment in 10 new products will boost revenue in the nearest future.’
Another shareholder also noted that the decision of the founder of Me Cure Industries to invest in Nigeria would encourage more foreign investors to do the same. He commented the initiative and advised shareholders to patronise the company’s products as a way of supporting its operations. The shareholder urged the Company to take advantage of the new government policy on tariffs to boost its operations and expand activities to more African countries.