Shareholders of Fidson Healthcare Plc have approved a dividend of 12 kobo per share recommended by the company’s board for the year ended December 31, 2012.
They gave the approval at the company’s 14th Annual General Meeting, which was held in Lagos on Thursday.
The company had in May promised to pay a dividend to its investors, following the release of its audited annual financial report for 2012, which showed a 51 per cent increase in turnover between January 1, and December 31, 2012.
It explained that the 12 kobo dividend represents an increase of 20 per cent over the previous year.
According to the company, it made a profit before tax of N540m in 2012 against N214m in 2011. This showed a 152 per cent increase. Profit after tax also increased from “N55m (adjusted) in 2011 (18 months) to N206m in 2012; showing an increase of 274 per cent”.
The Chairman, Fidson Healthcare Plc, Mr. Felix Ohiwerei, told the shareholders that the company’s turnover during the year, ended December 31, 2012 was N7.16bn, which was about the same for the 18 months ended December 31, 2011.
He added that earnings per share grew from four kobo in 2011 to 14 kobo in 2012.
According to him the account is in full compliance with the International Financial Reporting Standards.
Ohiwerei, who said business operation during the period under review were hampered be several factors including the increase in fuel pump price, said brand building was a focus for the company in 2012.
He said, “Given the substantial achievement in the fight against counterfeiting in the industry, our company decided to focus on brand building through brand extension and repackaging.”
To ensure the company remained focused on succession planning and improved productivity, had stressed that “a considerable number of employees at all levels have received local and international training”.
Ohiwerei, who said the company also made good progress in the construction of its biotech factory, thanked the managers, staff and shareholders for the good results “achieved under very difficult operating conditions.”
Among other approvals, the shareholders also re-elected and fixed the remuneration for the directors of the company at the AGM.
At the meeting, and pursuant to the directive of the Securities and Exchange Commission, notice was given to all shareholders to open bank account, stockbroking account and Central Security Clearing System accounts for the purpose of e-dividend or bonus.