Me Cure Industries Plc has listed N12.84 billion shares on the Nigerian Exchange (NGX) Limited.
The company’s four million shares were listed at N2.96 per share, adding N11.84 billion to the total market capitalization of the Exchange.
Speaking at the listing ceremony, the chairman, Me Cure Industries, Mr. Samir Udani, disclosed that the Pharmaceuticals and Nutraceuticals company aimed to actualise its expansion plans with the listing on the Nigerian Exchange Limited.
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 it is a family-run business now in the eyes of the public.
He noted that the listing is going to get Me Cure 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 assured the investing public of the company introducing new innovations into the market to boost revenue.
On his part, the chief executive officer, NGX, Mr. Temi Popoola stated that listing of 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.
“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.”
The chief financial officer, Me Cure Industries, Mr. Ifedamola Oluwasegun said, the company’s principal business includes; manufacturing, distribution, and sale of pharmaceutical and nutraceutical products, saying, ‘Me Cure commenced the trading of nutraceuticals in 2018 and has so far developed 93 products under the flagship of Youthberry.’
The company, he stressed, 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 N4.5 billion on completion and produces Dexamethasone and Prednisolone tablets
From the financial position, Me Cure Industries reached all-time high in profit, declaring 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 revenue, an increase of 28.72 per cent from N20.7 billion in 2021.