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MeCure’s Debt Burden Reduces Profit To N812m

July 21, 2025
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In the first quarter (Q1) of 2025, MeCure Industries generated N13.29 billion, compared to the N8.07 billion turnover recorded in the corresponding period in 2024, representing an increase of 64.53 percent.

According to the company’s Q1 financial report for the period ended March 31, 2025, MeCure incurred cost of sales of N8.99 billion, up by 66.23 percent compared to the N5.41 billion posted in Q1 2024.

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In the same vein, gross profit grew by 61.08 percent to N4.29 billion in Q1 2025, exceeding the N2.66 billion recorded in Q1 2024.

MeCure’s operating profit also recorded double-digit growth, after rising by 54.98 percent to N2.56 billion in the first quarter of 2025, against the N1.65 billion reported in the same period the previous year.

However, a 137.16 percent increase in finance cost – driven by interest on loans – affected the bottom line, as finance cost grew to N1.75 billion in Q1 this year, surpassing the N739.56 million recorded in the first quarter of 2024.

The company had paid N1.72 billion bank interest between January and March 2025, compared to the N738.52 million paid during the first three months last year, indicating an increase of 133.09 percent.

Consequently, profit before tax (PBT) fell by 11.34 percent to N812.43 million in the first quarter of 2025, below the N916.4 million posted in the corresponding period in 2024.

This led to MeCure paying N243.73 million income tax during the same period under review, which falls short of the N274.92 million taxation filed in the same period last year, reflecting a decrease of 11.34 percent.

Also, MeCure’s profit after tax (PAT) fell to N568.7 million in the first quarter of 2025, failing to surpass the N641.48 million recorded in Q1 2024, representing a 11.34 percent decline.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: publisher@primebusiness.africa and editor@primebusiness.africa

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