Aug. 17 (Bloomberg) -- Fidson Healthcare Plc, a Nigerian drug maker, jumped the most in 11 weeks after reporting it swung to profit in the first half.
The stock climbed 4.8 percent to 0.88 naira by 2:18 p.m. in Lagos, the most since May 31, according to data compiled by Bloomberg.
Net income for the six months through June surged to 152.8 million naira, compared with a loss of 188.6 million naira a year earlier, the Lagos-based company said in a statement published on the Nigeria Stock Exchange website today. Revenue increased to 3.6 billion naira from 2.6 billion naira over the same period. Fidson paid a dividend of 10 kobo per share for 2011, it said on April 20.
“Now that the company has returned to profit, investors expect it to raise its dividend payment,” David Adonri, Chief Executive Officer of Lambeth Trust and Investment Company, said by phone today from Lagos.
The shares have advanced 2.3 percent this week, compared with a decline of 0.6 percent in the Nigerian Stock Exchange All Share Index.
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