Me Cure Industries records growth, turnover rises to N46bn

Me Cure Industries recorded appreciable growths across key performance indicators in 2024 with turnover rising by 45 per cent to N46 billion.

The company’s revenue rose from N31.7 billion in 2023 to N46 billion in 2024, driven by a strong focus on cost optimisation, product innovation, and regional market expansion.

Although profit before tax declined by 8.3 per cent to N3.3 billion, down from N3.6 billion in 2023 due to tough operating environment, shareholders were rewarded with a dividend payout of N600 million, translating into 15 kobo per share.

Profit after tax decreased by 20 per cent from N2.9 billion to N2.3 billion.

At the annual general meeting in Lagos, Chairman, Me Cure Industries, Samir Udani, said the performance of the company underscored the dedication, innovation, and adaptability of its management and staff in navigating challenging business landscape.

According to him, during the year, the company launched 10 new products and commenced exports to neighbouring West African markets, further deepening its regional presence.

He said: “In line with our growth strategy, we continued significant investments in facility upgrades to meet global Good Manufacturing Practice (GMP) standards. Our Lagos industrial complex now houses six standalone, NAFDAC-approved production plants, enhancing output capacity across tablets, capsules, and syrups.

“On the innovation front, our in-house Research & Development team continued to develop new products, several of which are now awaiting regulatory approval from NAFDAC. We remain committed to the highest standards of corporate governance, transparency, and ethical conduct. Throughout the year, the board worked closely with management to strengthen internal controls, ensure regulatory compliance, and manage emerging risks. In alignment with the Nigerian Code of Corporate Governance and international best practices, our governance structure continues to evolve. We are prepared to take advantage of emerging opportunities”.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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