Evans Medical Plc releases 2014 full year results

Evans Medical Plc has released its full year financials for year ended December 2014, in spite of being named as one of the companies approved by the Quotations Committee of the National Council (QCN) of The Nigerian Stock Exchange (NSE) to undergo delisting.

According to Evans Medical’s results, the company recorded a 23.7 percent increase in losses. The company’s loss for the year under review stands at N1.03 billion compared to N833 million posted for the same period of 2013.

The company’s directors proposed no dividend to shareholders for the year under review, having transferred the losses to retained earnings.

Revenue declined by N356.9 million or 9.7 percent to stand at N3.3 billion from N3.7 billion in the previous year, while loss before tax increased by N193.98 million or 19.4 percent to N1.2 billion from N1 billion in 2013.

However the company reduced finance cost by 17 percent to N494.6 million from N596.1 million in 2013.

Operating loss increased to N700.4 million from N404.9 million on account of increased Administrative expenses of N1.3 billion from N1 billion, and Marketing expenses of N900.7 million.

Evans Medical Plc is one of Nigeria’s largest Pharmaceutical Manufacturing Company, It started business in Nigeria in 1954 and has since then been committed to the health of the Nation.

Evans Medical Plc supplies drugs to government hospitals, registered private hospitals and registered pharmacy outlets as well as government parastatals.

The Company has in the past supplied medicines to World Bank Assisted Essential Drugs Projects (EDP) such as Cross Rivers State EDP, PTF, Ondo State Ministry of Health, Primary Health Care Projects and National Primary Healthcare Development Agency (NPHCDA), also supply pharmaceuticals to NNPC, Shell, Chevron, Mobil, CBN, State House Clinic, etc. on a regular basis.

The company’s shares last traded at 50 kobo per share.