Listing on the Nigerian Stock Exchange (NGX) provides companies with numerous benefits, including increased visibility, access to capital, and enhanced credibility.
However, not all companies choose to list due to regulatory requirements, the cost of compliance, and the need for transparency in financial reporting.
For those that do, market capitalization becomes a crucial indicator of their financial health and investor confidence.
In 2024, health companies listed on the NGX demonstrated their financial robustness through their market capitalizations.
This metric, which reflects the total market value of a company’s outstanding shares, provides insights into the company’s size, stability, and market presence.
Methodology
Nairametrics ranked the top health companies based on their market capitalization as of the end of July 2024, using the daily summary of the last day in July 2024, exploring their operations, histories, and positions in the market.
Pharma-Deko Plc
Market Capitalization: N396,780,000
Pharma-Deko Plc, founded in 1962, is a pharmaceutical company engaged in the manufacturing and marketing of pharmaceutical and consumer products.
Based in Agbara, Ogun State, the company states that it has a diverse product portfolio, including over-the-counter drugs, prescription medications, and consumer healthcare products.
Pharma-Deko claims it has a significant presence in the Nigerian market and exports to other West African countries.
The company has stated that it has remained committed to quality and innovation over the decades.
At the end of July 2024, Pharma-Deko’s market capitalization was N396,780,000, with a share price of N1.83.
Juli Plc
Market Capitalization: N2,059,020,000
Established in 1972, Juli Plc operates in the food and drug retail and wholesale sector.
Headquartered in Lagos, the company has a branch and distribution centre in Ado-Ekiti and Ikeja, Lagos.
Juli Plc claims to offer a variety of products, including pharmaceuticals, medical supplies, and consumer goods, catering to both individual consumers and healthcare institutions.
The company says that it has a robust supply chain and distribution network, which enable it to maintain a strong market presence.
As of July 31 2024, Juli Plc had a market capitalization of N2,059,020,000, with shares trading at N10.30.
Ekocorp Plc
Market Capitalization: N2,891,890,000
Ekocorp Plc, established in 1977, is the only hospital healthcare provider listed on the NGX.
The company owns and operates Eko Hospitals, which are multi-specialty hospitals providing comprehensive healthcare services.
With facilities in Lagos, Ekocorp claims to offer a range of medical services, including diagnostics, surgery, and outpatient care. Based on local reviews, the hospitals have a 3.8 out of 5 rating.
Ekocorp’s market capitalization as of July 31 2024 was N2,891,890,000, with a share price of N5.80.
Morison Industries Plc
Market Capitalization: N4,401,770,000
Founded in 1955, Morison Industries Plc is a medical supplies company in Nigeria.
The company manufactures and distributes a variety of healthcare products, including antiseptics, disinfectants, wound care solutions, and personal care items.
Headquartered in Lagos, Morison Industries states that it has a strong presence in the Nigerian market and a growing export business to neighbouring countries.
The company claims to be known for its innovative product development and adherence to international quality standards.
By the end of July 2024, Morison Industries’ market capitalization stood at N4,401,770,000, with shares priced at N4.45.
Industrial & Medical Gases Nigeria Plc
Market Capitalization: N7,142,760,000
Industrial & Medical Gases (IMG) Nigeria Plc, established in 1959, is a manufacturer and distributor of industrial and medical gases.
The company supplies oxygen, nitrogen, and other gases essential for healthcare and industrial applications.
Headquartered in Lagos, IMG operates production facilities and distribution centres across Nigeria, ensuring a reliable supply chain.
The company’s market capitalization was N7,142,760,000 at the end of July 2024, with shares trading at N14.30.
IMG states that its products are critical to various industries, including healthcare, manufacturing, and energy.
Neimeth International Pharmaceuticals Plc
Market Capitalization: N8,332,550,000
Founded in 1957, Neimeth International Pharmaceuticals Plc is a player in Nigeria’s pharmaceutical sector.
The company specializes in the development, manufacturing, and marketing of pharmaceuticals and veterinary products.
With its headquarters in Lagos, Neimeth claims to operate modern production facilities and a widespread distribution network.
The company established the first pharmaceutical manufacturing plant in Nigeria which was located in Aba.
As of July 31 2024, Neimeth’s market capitalization was N8,332,550,000, with shares priced at N1.95.
Neimeth’s product range includes treatments for malaria, diabetes, cardiovascular diseases, and other health conditions.
May & Baker Nigeria Plc
Market Capitalization: N10,196,140,000
May & Baker Nigeria Plc, established in 1944, is one of Nigeria’s oldest and most renowned pharmaceutical companies.
The company produces a wide array of pharmaceutical products, including antibiotics, antimalarials, and over-the-counter medications.
Headquartered in Lagos, May & Baker operates manufacturing plants and has a distribution network.
The company claims to have a reputation for quality, reliability and a strong position in the market.
By the end of July 2024, May & Baker’s market capitalization was N10,196,140,000, with shares trading at N5.91.
Fidson Healthcare Plc
- Fidson Healthcare Plc
Market Capitalization: N33,851,200,000
Founded in 1995, Fidson Healthcare Plc has become a leading pharmaceutical company in Nigeria.
The company is involved in the manufacturing and marketing of a wide range of pharmaceutical products, including generics and branded medicines.
Fidson’s headquarters are located in Lagos, with production facilities and a comprehensive distribution network across the country.
The company claims to be committed to quality, and corporate social responsibility.
At the end of July 2024, Fidson Healthcare’s market capitalization was N33,851,200,000, with shares priced at N14.75.
Mecure Industries Plc
Market Capitalization: N36,200,000,000
Mecure Industries Plc, established in 1990, is the largest pharmaceutical and healthcare company on the NGX by market capitalization.
The company specializes in the manufacturing and distribution of a broad range of healthcare products, including pharmaceuticals, diagnostics, and medical devices.
Headquartered in Lagos, Mecure Industries has a significant market presence with distribution channels throughout Nigeria and beyond.
The company says that it is dedicated to quality and innovation which has positioned it as a leader in the healthcare sector.
As of July 31 2024, Mecure Industries’ market capitalization was N36,200,000,000, with shares priced at N9.05.