Currency Relief: Fidson Healthcare Pre-Tax Profit Rises 49.47% as Foreign Exchange Losses Fall SharplyCurrency Relief: Fidson Healthcare Pre-Tax Profit Rises 49.47% as Foreign Exchange Losses Fall Sharply
Key Highlights
- Fidson Healthcare lifted nine-month pre-tax profit by 49.47%, helped by a sharp fall in foreign exchange losses.
- Net exchange losses dropped to KSh 9.90M ($0.08M) from KSh 395M ($3.04M), accounting for most of the extra profit.
- Strip out currency effects and the underlying profit growth was far slower, at about 11.38%, according to Mwenendo's calculation.
Fidson Healthcare Plc, the Nigerian drugmaker listed on the Nigerian Exchange, grew pre-tax profit by 49.47% to KSh 1.69B ($13.00M) in the nine months to 30 September, as foreign exchange losses all but disappeared.
The unaudited statements filed with the Nigerian Exchange show the result compares with KSh 1.13B ($8.70M) a year earlier. For investors, the headline gain owes much to a lower currency bill rather than to the core business alone.
What the filing shows
Revenue rose 20.98% to KSh 10.70B ($82.32M) from KSh 8.84B ($68.04M). Profit after tax climbed to KSh 1.12B ($8.58M) from KSh 0.76B ($5.83M), a rise of about 47%.
The biggest swing came from currency. Fidson booked a net exchange loss of KSh 9.90M ($0.08M) in the period, compared with KSh 395M ($3.04M) in the same months of 2025. That reduction of about KSh 386M ($2.97M) accounts for roughly 69% of the KSh 559M ($4.30M) increase in pre-tax profit.
How much is the business, how much is the currency
Mwenendo's calculation adds the exchange losses back to both years. On that basis, pre-tax profit rises to KSh 1.70B ($13.08M) from KSh 1.53B ($11.74M), growth of about 11.38%. That is a healthier but far more modest picture than the 49.47% headline.
The distinction matters for a company that imports raw materials and sells in naira. When the naira steadies against the dollar, import costs stop eating into margins, and profits recover even without faster sales. If the currency weakens again, the same exposure could reverse the gain.
What it means beyond Nigeria
Currency swings have squeezed businesses across the continent this year. As Mwenendo earlier reported, Onafriq closed its Baxi agent banking unit in Nigeria partly because of naira weakness. In East Africa, Mwenendo has also examined how Kenya's shilling leans on a thinning cushion as neighbours face pressure.
Naira conversions use about N1,368 to the dollar, the Nigerian Foreign Exchange Market rate reported on 27 October, and KSh 129.94 to the dollar. Fidson's statements are unaudited, so the figures could change when the full-year accounts are published.
In Summary
- Which company reported the results?
- Fidson Healthcare Plc, a Nigerian pharmaceutical manufacturer listed on the Nigerian Exchange.
- What did the company report?
- Pre-tax profit rose 49.47% to N17.79 billion (KSh 1.69B, $13.00M) for the nine months to 30 September 2026.
- When were the results filed?
- The unaudited statements were filed with the Nigerian Exchange in October 2026.
- Where does the company operate?
- Fidson is a Nigerian company; its results are reported in naira.
- Why did profit rise so sharply?
- Net foreign exchange losses fell to N104.28 million from N4.16 billion, accounting for about 69% of the profit increase.
- How strong is the underlying business?
- Revenue grew 20.98%; excluding exchange losses, Mwenendo calculates pre-tax profit growth of about 11.38%.