NGX Main Board Receive Boost With 4 Billion Mecure Industries Plc Shares Listing
The main board of Nigeria Exchange Limited got a boost on Tuesday with the listing by introduction of Mecure Industries Plc, 4,000,000,000 Ordinary Shares at N2.96 per share. This is another major listing for NGX in the pharmaceuticals industry as the company adds N11.84bn to the market capitalisation of the Exchange Main Board.
With MeCure listing on the Exchange, NGX further reinforces itself as a platform of choice for corporates looking to raise capital. Already, the Exchange has secured listings from VFD Group, Nigeria Infrastructure Debt Fund (NIDF) and Africa Plus Partners in 2023.
In the company “Facts Behind the Listing”, presentation to stockbrokers and financial journalist Mecure Industries Plc, Chief Financial Officer, Ifedamola Oluwasegun said the company’s principal business includes manufacturing, distribution, and sale of pharmaceutical and nutraceutical products. Adding that the company commenced trading of nutraceuticals in 2018 and has so far developed 93 products under the flagship of Youthberry.
According to him 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 the company’s financial position, it declared 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.
Commenting on the listing, Chairman, Mecure Industries Plc, Mr. Samir Udani said the Pharmaceuticals and Nutraceuticals Company aimed to actualise its expansion plans with the listing on the Nigerian Exchange Limited (NGX). He pointed out that the listing is a significant move by the company’s management to get the company more visibility and bring responsibility, and accountability to shareholders and general stakeholders of the company.
He explained that 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, while assuring the investing public of the company readiness to introduce new innovations.
For NGX Chief Executive Officer, Temi Popoola, in his remarks said, Mecure Industries Plc listing is a welcome development, “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”.
According to him “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.”
On the management strategy and outlook, the chief financial officer, of Mecure Industries Plc, 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
For more than a decade, the Mecure Industries Plc has tapped into the power of new technology and innovation to advance the practice of medicine. The company pioneered the development of novel products based on advances in technology and launched the pharmaceutical industry’s first tablet in a capsule formulation called Liquitab Floatcap. Today, as a leading healthcare company serving millions of patients, MeCure continues to be an entrepreneurial, technology‐driven enterprise dedicated to helping people fight everyday illness