MeCure Industries Market Valuation Spikes 94% after Listing

The Chartered Institute of Bankers of Nigeria (CIBN) has sought the collaboration and support of the Nigerian Exchange Group Plc for the proposed amendment of the CIBN Act of 2007.

The share price of MeCure Industries closed at N5.73 on Friday, gaining 46% from its opening price of N3.92 in the week, according to data from the Nigerian Exchange.

The stock has gained about 94% since November 7 when MarketForces Africa reported that Mecure Industries listed four billion ordinary shares at N2.96 in November 2023.

In the company, four major shareholders control more than 97% of MeCure Industries Plc’s 4 billion outstanding shares, according to details from its books.

In actual fact, the Udani ‘clan’ controls about 97% of the company’s shareholdings based on the recent unaudited financial statement submitted and reviewed by MarketForces Africa.

Samir Udani, Avni, and Arjun Udani hold 32.20% share each while Anderline Dukor’s stake was 0.68%. Other shareholders control 2.45% of the outstanding shares.


In its 9-month financial statement, MeCure Industries reported N21.577 billion as revenue, out of which the company posted a post-tax profit of N1.987 billion. MeCure Industries recorded a sizeable amount as costs of sales and gross profit.

Its figure showed that costs of sales printed at N14.102 billion, leaving the company with a gross profit of N7.475 billion at the end of September 2023.

The operating profit of the company settled at N4.360 billion due to sizeable expenses relating to marketing and administrative overheads. The company also charged N1.7 billion as finance costs against its income statement.

Pre-tax profit was N2.651 billion at the end of the period, and a tax provision of about N665 million reduced its bottom line to N1.97 billion.

On every share deployed for operation in the period, Mecure Industries earned less than 50 kobo, according to its financial statement for 9 months in 2023.