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NGX lists 4 billion ordinary shares of MeCure Industries Limited on its platform

MeCure Industries Limited, a pharmaceuticals and nutraceuticals manufacturing company has listed by introduction its 4 billion ordinary shares at N2.96 per share on Nigerian Exchange Limited (NGX).

The listing of the shares at N2.96 per share on the growth board of the Exchange added N11.84 billion to the market capitalization of the Exchange.

The official listing was celebrated with a Closing Gong ceremony and a Fact Behind the Listing Presentation.

The Chairman, of MeCure Industries Plc, Mr Samir Udani speaking at the listing ceremony disclosed that the Pharmaceuticals and Nutraceuticals company aimed to actualize its expansion plans with the listing on the Nigeran Exchange Limited (NGX).

He noted that the listing is a significant move by the company’s management, stating that a family-run business is now in the eyes of the public.

He stated 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% 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 assured the investing public of the company’s introducing innovations.

The Chief Executive Officer, of NGX, Mr Temi Popoola stated listing MeCure industries is a welcome development as healthcare companies are missing from the bourse.

According to Popoola,

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.

According to him, in 2022, the company generated a total of N2.10 billion from the sale of nutraceutical products.

He added further that

On management strategy and outlook, he said the company aimed to manufacture beta-lactam tablets and dry syrup with a total cost of N4.5 billion on completion and produce Dexamethasone and Prednisolone tablets

From the financial position, MeCure Industries declared N2.61 billion profit in 2022 from N6772.23 million reported in 2021. Profit before tax increased to N3.78 billion in 2022 from N1.79 billion in 2021.

In 2022, the company declared N26.6 billion in revenue, an increase of 28.72% from N20.7 billion in 2021.

In 2022, the company declared N26.6 billion in revenue, an increase of 28.72% from N20.7 billion in 2021.