Fidson Healthcare proposes N150m dividend

Fidson Healthcare Plc has proposed a dividend of N150m per share for the 2013 financial year.

According to the company, this represents a payout of 10 kobo per ordinary share held.

The dividend will be presented to the company’s shareholders for approval at its Annual General Meeting, which is scheduled to take place on July 17.

If approved, it would be paid on July 18 to qualified shareholders.

The company’s audited results for the financial year ended December 31, 2013, had shown that it grew its turnover by 29 per cent.

According to the results, the annual turnover rose from N7.2bn in 2012 to N9.2bn in the review period.

Similarly, Fidson Healthcare’s gross profit rose by N1bn to N5bn, representing a 26 per cent increase, while operating profit jumped to N1.3bn from N854m in 2012.

The company had explained that the 52 per cent rise in operating profit was as a result of the “increases in turnover and better management of operational costs leading to increase in gross margins.”

Meanwhile, the equities market opened the week on a negative note as the major market indicators declined.

The Nigerian Stock Exchange All-Share Index fell by 273.79 basis points or 0.64 per cent to close at 42,758.02 basis points, down from Friday’s close of 43,031.81 basis points.

Similarly, the market capitalisation of the listed equities declined by 0.64 per cent or N91bn from N14.209tn to N14.118tn.

In all, investors traded 460.229 million shares worth N4.509bn in 5,215 deals on Monday with 23 stocks recording price appreciation and 30 others recording price depreciation.

The banking subsector led on the activity chart, accounting for 25.5 per cent of total turnover traded.

In the subsector, 117.389 million shares valued at N715.3m exchanged hands in 1,274 deals.

Volume was driven by trading in the shares of Ecobank Transnational Incorporated, United Bank for Africa Plc and Zenith International Bank Plc.