MeCure Industries raises capital target to N50bn on record profit
Nigerian drugmaker MeCure Industries secured shareholder backing to raise N50 billion, leveraging a 177% profit surge to fund factory expansion and regional exports despite macroeconomic headwinds.
MeCure Industries Plc has secured shareholder approval to raise its capital programme to N50 billion, up from an initial N30 billion target. The resolution was passed at the company’s 3rd Annual General Meeting in Lagos on July 10, 2026. For investors, the 66% increase in the fundraising mandate signals management's confidence in leveraging record 2025 earnings to navigate a tough macroeconomic climate.
The authorization alters the threshold set just over a year prior at an Extraordinary General Meeting. “That the Company be and is hereby authorized to increase the additional capital to be raised from the initial N30 billion approved by the shareholders at the EGM of 14th May 2025 to N50 billion while other resolutions passed on the said date remain unchanged,” the resolution reads, according to a disclosure signed by Company Secretary Olawale Ibitoye.
Record earnings drive strategy
The equity raise is underpinned by a sharp improvement in MeCure’s core operations. For the year ended December 31, 2025, pre-tax profit soared 140.18% to N7.93 billion, up from N3.30 billion in 2024. Profit after tax surged 177.5% year-on-year to N6.46 billion, a three-year high that accounted for more than 80% of the company's cumulative earnings over the prior three years.
Revenue climbed 68.8% to N77.69 billion, driven by robust demand across its pharmaceutical manufacturing and distribution networks. Management now intends to deploy fresh capital to insulate the balance sheet from persistent inflation, elevated borrowing costs, and foreign exchange volatility.
The funds will stabilize working capital requirements while accelerating planned factory expansions. Crucially, the capital will also finance the development and commercialization of 19 newly approved pharmaceutical products focused on cardiovascular and metabolic therapies.
Regional expansion on the horizon
Beyond domestic manufacturing capacity, MeCure is positioning itself for regional export markets, specifically Sierra Leone and broader West Africa. The expanded capital base provides the financial flexibility needed to execute this geographic pivot without compromising operational efficiency.
Returning value to shareholders, the company approved a dividend of 32 kobo per 50 kobo ordinary share, equating to an estimated N1.29 billion payout. The meeting also saw the re-election of directors Mrs. Ayotunde Owoigbe and Mr. Tochukwu Orajiaku. Finally, members ratified a new Statutory Audit Committee to strengthen oversight ahead of the 2026 financial year.
