Prime Business AfricaMorison Industries saw a 95.87 percent growth in its revenue in the first half (H1) of 2025, as turnover increased to N225.73 million, surpassing the N115.24 million grossed between January and June 2024.
In the company’s unaudited financial reports for the first half of 2025, it was noted that the drug manufacturer spent N141.28 million to make its products available in the market, compared to the N83.49 million expended in the same period last year.
Join our WhatsApp ChannelWith the cost of sales rising by 69.22 percent, below the growth recorded by the turnover, Morison’s gross profit increased by 165.94 percent year-on-year, from N31.75 million to N84.44 million.
Also, Morison recorded N21.36 million as distribution expenses in H1 2025, against the N15.60 million spent in the first six months of 2024, indicating an increase of 36.89 percent.
In the same vein, the operating expenses of Morison increased by 26.37 percent to N94.98 million in the first half of this year, compared to the N75.15 million recorded in the corresponding period in 2024.
However, Morison’s other operating income dropped to N37.76 million during the period under review, falling below the N39,18 million recorded in H1 2024, indicating a decrease of 3.62 percent.
The company also reported an operating profit of N5.85 million in H1 2025, recovering from the N19.82 million loss from operations recorded between January and June 2024.
Additionally, Morison recorded zero finance income in H1 2025, the same as last year’s first half, while the company replicated the N9.75 million finance expenses posted in the same period last year.
Also, Morison saw an 86.84 percent decrease in loss before tax, as the drug manufacturer recorded N3.89 million in the first half of this year, compared to the N29.57 million pretax loss reported in the corresponding period in 2024.
While the company did not pay tax during the period under review – same as last year’s H1 – Morison saw its total assets increase marginally by 0.72 percent to N1.58 billion in the first half of 2025, up from the N1.57 billion posted in H1 2024.
Morison also reported that total liabilities increased to N812.20 million during the period under review, up from N759.38 million filed in H1 last year, representing a growth of 6.95 percent.
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