The Chairman, Mecure Industries Plc, Mr. Samir Udani, yesterday disclosed that the Pharmaceuticals and Nutraceuticals company aimed to actualised its expansion plans with the listing on the Nigeran Exchange Limited (NGX).
He disclosed this during the listing ceremony of 4,000,000,000 ordinary shares on NGX by introduction at N2.96 per share that was commemorated with a Facts Behind the Listing event.
Speaking to the journalists at the closing gong ceremony on the floor of NGX, he expressed that the listing is a significant move by the company’s management, stating that a family-run business now in the eyes of the public.
He noted that the listing is going to get Mecure Industries more visibility and bring responsibility, and accountability to shareholders and general stakeholders of the company.
Udani disclosed that 30 per cent of the company’s products are locally made, while the remaining proportions are imported into the country, stressing that there is a lot of scope for local producers to expand and grow amid foreign exchange challenges.
He said assured the investing public of the company introducing new innovations.
On his part, the Chief Executive Officer, NGX, Mr. Temi Popoola stated listing ME Cure industries is a welcome development as healthcare companies are missing from the bourse.
According to Popoola, “If you look at our Exchange today, one of the things that is notably absent is the number of healthcare companies that investors can invest in our Exchange.
“To have a company that sits at the intersection of manufacturing on one hand and manufacturing towards the healthcare sector, we welcome that very much. It broadens the scope of investable assets for us at the Exchange. It also demonstrates what I call the core value that the capital market brings.
“Healthcare, of course, we can t overemphasize the importance to our country and to find a company that is manufacturing healthcare-related products, that has the opportunity through the capital market to raise capital, to amplify its visibility as an example and to help build more sustainable businesses is one that certainly does gladden to our hearts.”
Speaking to the capital market community at the company’s “Facts Behind the Listing”, Chief Financial Officer, Mecure, Mr. Ifedamola Oluwasegun said the company’s principal business includes manufacturing, distribution, and sale of pharmaceutical and nutraceutical products.
“MeCure commenced the trading of nutraceuticals in 2018 and has so far developed 93 products under the flagship of Youthberry,” he said.
According to him, in 2022, the company generated a total of N2.10billion from the sale of nutraceutical products
He added further that “the Company has well-defined and clearly outlined operations, production, and distribution processes, specific to each of its product categories; tablets, capsules, wet syrups, and dry syrups. The processes of the Company have been designed in line with global best practices and in conformance with applicable legislations.”
On management strategy and outlook, he said the company aimed to manufacture beta-lactam tablets and dry syrup with a total cost of N4.5billion on completion and produces Dexamethasone and Prednisolone tablets
From the financial position, Mecure Industries reached all-time high in profit, declaring N2.61billion profit in 2022 from N6772.23million reported in 2021. Profit before tax increased to N3.78billion in 2022 from N1.79billin in 2021.
In 2022, the company declared N26.6billion revenue, an increase of 28.72per cent from N20.7billion in 2021.