Aug. 15 (Bloomberg) -- Fidson Healthcare Plc, a Nigerian drugmaker, expects revenue growth of 40 percent next year driven by sales from a new plant in Africa’s second-largest economy, Chief Financial Officer Olatunde Olanipekun said.
Fidson had first-half revenue of 4.66 billion-naira ($29 million), up 31 percent on the prior period, the company said last month. Fidson is constructing a 5 billion naira facility that will produce about 10 infusion drugs and comply with World Health Organization standards, Olanipekun said in an interview yesterday in Lagos.
“That will increase the number of drugs produced and marketed by the company to 140,” he said.
The company, based in Lagos, is targeting a home market of more than 160 million people for its cardiovascular, antiretroviral, anti-diabetic and infusion drugs, Olanipekun said. Fidson started an expansion program in 2009 after raising 3.5 billion naira in a private placement.
“By building a WHO compliant plant, we want to be an international company that can bid for tenders anywhere in the world,” Olanipekun said, adding that a team from the WHO will visit the company next year to inspect the facilities and pre-qualify its products.
“Over the long term we think we will have exceeded the demand of the Nigerian market due to expansion,” Olanipekun said. “We’ll move to West Africa, preferably Ghana, Liberia and Ivory Coast.”
Fidson’s shares fell 3.3 percent to 2.05 naira at the close in Lagos. The stock has risen 93 percent this year, compared with a 32 percent increase in the Nigerian Stock Exchange All-Share Index.
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