FIDSON reported a topline growth of 11.33% YoY to NGN11.40 bn (from NGN10.24bn in Q1:2022), supported mainly by growth in the OTC (+20.64%) and consumer healthcare segments (+316.38) as the firm’s manufacturing contract with GLAXOSMITH continues to support growth in the latter. On the other hand, for the first time in 12 quarters (since Q1:2019), the ethical segment (which accounts for c.60% of its revenue, contracted by 2.13% YoY in Q1:2023).
MAYBAKER kicked off 2023FY on an impressive note, recording a 27.22% YoY revenue growth to NGN4.25 bn in the first quarter (vs NGN 3.34 bn in Q1:2022). This also represents the firm’s highest quarterly revenue performance. The topline growth remained anchored on the pharmaceutical segment (+27.36 YoY) as it settled at NGN4.24 bn (vs NGN 3.33 bn in Q1:2022). The beverage segment however continued the trend witnessed since Q2:2020, as it declined by 42.33 YoY to NGN3.73 mn (vs NGN6.48 mn in Q1 2022).
GlaxoSmithKline Consumer Nigeria Plc (GLAXOSMITH) recorded a significant contraction in its revenue for Q1:2023. The firm’s topline contracted significantly by 45.39% YoY to NGN4.02 bn (from NGN 7.36 bn in Q1:2022). This also represents the firm’s lowest quarterly revenue since Q4:2017. The contraction was majorly caused by lower sales volume in the pharmaceutical segment as revenue from the segment declined by 70.57%.
