MeCure Industries Plc has released its unaudited financial results for the nine months ended 30 September 2026, reporting a pre-tax profit of N8.64 billion.<\/p>\n
This represents an increase of 35.71% from N6.37 billion recorded in the corresponding period of 2025.<\/p>\n
The growth in profitability was supported by a 17.05% increase in revenue to N70.24 billion from N60.01 billion, alongside a 50.87% reduction in marketing expenses.<\/p>\n
Consequently, profit after tax increased by 35.71% to N6.05 billion from N4.46 billion, while earnings per share rose by 36.04% to N1.51 from N1.11.<\/p>\n
The figures compare 9M 2026 with 9M 2025, except balance sheet items, which are compared with December 2025.<\/p>\n
\n\n
- Revenue: N70.24 billion (Up 17.05% YoY from N60.01 billion).<\/li>\n
- Cost of sales: N46.11 billion (Up 16.44% YoY from N39.60 billion).<\/li>\n
- Gross profit: N24.13 billion (Up 18.22% YoY from N20.41 billion).<\/li>\n
- Marketing expenses: N1.30 billion (Down 50.87% YoY from N2.64 billion).<\/li>\n
- Administrative expenses: N5.78 billion (Up 18.33% YoY from N4.89 billion).<\/li>\n
- Operating profit: N17.49 billion (Up 34.32% YoY from N13.02 billion).<\/li>\n
- Finance costs: N8.84 billion (Up 32.99% YoY from N6.65 billion).<\/li>\n
- Total assets: N93.35 billion (Up 13.90% from N81.96 billion).<\/li>\n
- Cash and cash equivalents: N4.32 billion (Down 33.28% from N6.48 billion).<\/li>\n
- Total equity: N24.59 billion (Up 24.04% from N19.82 billion).<\/li>\n<\/ul>\n<\/blockquote>\n
Driving the numbers<\/strong><\/h4>\n
MeCure\u2019s nine-month performance was driven mainly by stronger pharmaceutical sales, particularly in acute medicines, over-the-counter products, and narcotics.<\/p>\n
Revenue increased by 17.05% to N70.24 billion, with acute medicines contributing N40.24 billion, representing approximately 57.29% of total revenue.<\/p>\n
\n
- Acute medicine sales increased by 19.62% from N33.64 billion, making the category the company\u2019s largest revenue contributor.<\/li>\n
- Over-the-counter products also recorded strong growth, increasing by 28.35% to N14.61 billion from N11.38 billion, contributing 20.80% of total revenue.<\/li>\n
- Narcotics revenue increased by 168.71% to N2.83 billion from N1.05 billion, while chronic medicine sales rose by 2.39% to N5.56 billion.<\/li>\n
- However, multivitamin sales declined by 32.41% to N5.75 billion from N8.50 billion, partly offsetting gains across other product categories.<\/li>\n
- Contract manufacturing contributed N935.50 million, while promotional sales generated N315.98 million.<\/li>\n<\/ul>\n
On direct costs, dost of sales increased by 16.44% to N46.11 billion, driven mainly by direct materials consumed, which rose by 7.41% to N38.85 billion from N36.17 billion.<\/p>\n
\n
- Direct materials accounted for approximately 84.26% of total production costs, highlighting their importance to profitability.<\/li>\n
- Depreciation within production costs increased to N4.27 billion from N3.66 billion, while direct labour expenses rose to N1.18 billion from N906.28 million.<\/li>\n<\/ul>\n
Despite these pressures, gross profit increased by 18.22% to N24.13 billion, with gross profit margin improving marginally to 34.35% from 34.01%.<\/p>\n
Operating expenses<\/strong><\/h4>\n
Marketing expenses declined significantly by 50.87% to N1.30 billion from N2.64 billion, providing support to operating profitability.<\/p>\n
\n
- However, administrative expenses increased by 18.33% to N5.78 billion from N4.89 billion.<\/li>\n
- Employee costs increased to N1.30 billion from N885.43 million, while other expenses rose to N1.51 billion from N891.90 million.<\/li>\n<\/ul>\n
Consequently, operating profit increased by 34.32% to N17.49 billion from N13.02 billion.<\/p>\n
Finance costs remained a major pressure on profitability, increasing by 32.99% to N8.84 billion from N6.65 billion.<\/p>\n
\n
- Bank interest accounted for N8.11 billion, while bank commissions and charges contributed N732.50 million.<\/li>\n
- Finance costs absorbed 50.56% of operating profit, limiting the amount available as pre-tax earnings.<\/li>\n<\/ul>\n
Balance sheet<\/strong><\/h4>\n
MeCure\u2019s balance sheet expanded by 13.90% to N93.35 billion from N81.96 billion in December 2025, supported by increased investment in property, plant and equipment.<\/p>\n
\n
- Property, plant and equipment increased to N53.07 billion from N40.64 billion, reflecting N16.69 billion in additions during the period.<\/li>\n
- Inventories increased to N18.24 billion from N15.77 billion, while cash and cash equivalents declined to N4.32 billion from N6.48 billion.<\/li>\n<\/ul>\n
Total equity increased to N24.59 billion from N19.82 billion, while interest-bearing debt stood at N59.51 billion.<\/p>\n
Market reaction<\/strong><\/h4>\n
MeCure Industries\u2019 share price closed unchanged at N56.20 on 28 October 2026, the date its unaudited nine-month financial statements were approved.<\/p>\n
The stock has recorded a year-to-date decline of 13.80% from its opening price of N65.20, despite the improvement in nine-month profitability.<\/p>\n
Month-to-date performance was flat at 0.00%, with the share price remaining unchanged throughout the ten trading sessions shown.<\/p>\n
Source: <\/p>\n
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