Quarter 5 financial statement for 2024

MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024 Corporate Information

MeCure Industries Plc

Debo Industrial Compound

Plot 6, Block H, Oshodi Apapa Expressway

Oshodi Lagos, Nigeria

Company Secretary

Banwo & Ighodalo

48, Awolowo road, southwest Ikoyi, Lagos, Nigeria.

Principal Bankers

Standard Chartered Bank

Union Bank of Nigeria Plc

Globus Bank Limited

Access Bank Plc

Fidelity Bank Plc

Zenith Bank Plc

FSDH

Eco bank Plc

Providus Bank Limited

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024 Report of the Directors

The directors submit their report together with the audited financial statements for the year ended 31 December 2024, to the members of MeCure Industries Plc ("the Company"). This report discloses the financial performance and state of affairs of the Company.

Incorporation and address

MeCure Industries Plc was incorporated in Nigeria on 16th March, 2005 under the Companies and Allied Matters Act as a private limited liability Company, and is domiciled in Nigeria. The Company was subsequently re-registered as a public limited company via a special resolution passed on October 27, 2022 and a certificate was issued by the Corporate Affairs Commission on November 16, 2022 in this regard.

Principal activity

The principal activity of the Company is to carry out the business of manufacturing of pharmaceutical products, distribution of pharmaceutical and multivitamin products.

Results and dividends

The Company's results for the year ended 31 December 2024 are set out on page 15. The Profit for the year has been transferred to retained earnings. The summarised results are presented below.

Dividends

The Directors recommend a dividend payout of N0.15k per share in respect of the financial performance for the year ended 2024 subject to the approval of the shareholders. (2023:N0.15k).

Directors

The directors who held office during the year and to the date of this report are set out on page 1.

Directors' shareholding and Directors' interests

The directors who held office during the year and to the date of this report together with their direct and indirect interests in the issued share capital of the Company as recorded in the register of directors' shareholdings and/or as notified by the directors for the purposes of section 301 of the Companies and Allied Matters Act are as shown in shareholders' information below.

The Directors who serve for the period under review are as follows:

Free float compliance

The Company has submitted its free float compliance plan to the NGX and the Board will ensure that the Company complies within the period set out in the plan.

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024 Report of the Directors

Shareholding Structure/Free Float Status

Employee health, safety and welfare

In addition to providing comprehensive medical care for its employees through designated hospitals and clinics retained for this purpose (HMO), the Company also provides first aid medical facilities within the office premises. Fire prevention and fire fighting gadgets are installed in strategic locations within the Company's premises. To further protect the interest of its workers, the Company runs a contributory pension fund scheme, life assurance for all employees and Employees compensation (NSITF).

The Company is committed to keeping employees informed as much as possible, of its performance and progress and to seek their views, whenever necessary.

Employee development and training

The Company attaches a lot of importance to the training and development of its employees. This has guided the Company's policy of continuous development of its human resources through courses and seminars organised by recognised professional bodies and organisations. Some members of staff benefited from these courses and seminars during the year.

Property, plant and equipment

The movement in property, plant and equipment has been disclosed in Note 14 to the financial statements. In the opinion of the directors, the carrying value of property, plant and equipment is not lower than the amounts shown in the financial statements.

Donations

The Company made no donations to charitable organisations or political association during the year (2023: Nil).

Independent Auditors

Messrs Alexander Johnson & Co. has indicated their willingness to continue in office in accordance with Section 401(2) of the Companies and Allied Matters Act subject to the approval of the shareholders.

By order of the Board

Azeezah Muse-Sadiq (FRC/2018/NBA/00000018554)

FOR: Banwo & Ighodalo (FRC/2023/COY/649079)

Company Secretary

48, Awolowo Road, South-West Ikoyi,

Lagos, Nigeria

28 February 2025

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024 Statement of directors' responsibilities

The Directors of MeCure Industries Plc accept responsibility for the preparation of the financial statements that give a true and fair view of the financial position of the Company as at 31 December 2024, and the results of its operations, cash flows and changes in equity for the year then ended, in compliance with International Financial Reporting Standards ("IFRS") and in the manner required by the Companies and Allied Matters Act (CAMA) 2020 and the Financial Reporting Council of Nigeria Act, 2011. The directors further accept responsibility for maintaining adequate accounting records as required by the Companies and Allied Matters Act CAMA (2020)

In preparing the financial statements, the Directors are responsible for:

1. properly selecting and applying accounting policies.
2. presenting information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information.
3. providing additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company's financial position and financial performance.

The financial statements of the Company for the year ended 31 December 2024 were approved by the directors on 27 February 2025.

Going concern:

The Directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

Signed On behalf of the Directors of the Company

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024 Certification of financial statements

In accordance with section 405 of the Companies and Allied Act (CAMA) 2020, the Chief Executive Officer and the Chief Financial Officer certify that the financial statements have been reviewed and based on our knowledge, the

1. audited financial statements do not contain any untrue statement of material fact or omit to state a material fact, which would make the statements misleading, in the light of the circumstances under which such statement was made, and
2. audited financial statements and all other financial information included in the statements fairly present, in all material respects, the financial condition and results of operation of the Company as of and for, the periods covered by the audited financial statements;

We state that management and directors:

1. are responsible for establishing and maintaining internal controls and has designed such internal controls to ensure that material information relating to the Company is made known to the officer by other officers of the Company, particularly during the period in which the audited financial statement report is being prepared,
2. has evaluated the effectiveness of the Company's internal controls within 90 days prior to the date of its audited financial statements, and
3. certifies that the Company's internal controls are effective as of that date;

We have disclosed:

1. all significant deficiencies in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarise and report financial data, and has identified for the Company's auditors any material weaknesses in internal controls, and
2. whether or not, there is any fraud that involves management or other employees who have a significant role in the Company's internal control; and
3. as indicated in the report, whether or not, there were significant changes in internal controls or in other factors Signed On behalf of the Directors of the Company

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024

Management's annual assessment of, and report on the entity's internal control over financial reporting

To comply with the provisions of Section 1.3 of SEC Guidance on Implementation of Sections 60-63 of Investments and Securities Act 2007, we hereby make the following statements regarding the Internal Controls of MeCure Industries Plc (the "Company") for the year ended 31 December 2024.

1. MeCure Industries Plc's management is responsible for establishing and maintaining a system of internal control over financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards.
2. MeCure Industries Plc's management used the COSO (Committee of Sponsoring Organization of the Treadway Commission) Framework to conduct the required evaluation of the effectiveness of Company's ICFR.
3. MeCure Industries Plc management has assessed that the Company's ICFR as of the end of 31 December 2024 is effective.
4. MeCure Industries Plc's external auditor, Alexander Johnson & Co, which audited the financial statements, has issued an attestation report on management's assessment of the entity's internal control over financial reporting.

The attestation report by Alexander Johnson & Co, which audited the financial statements, will be filed as part of the annual report.

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024

Certification of Management's assessment of report on Internal Control over financial reporting

In compliance with the provisions of section 60 of the Investments and Securities Act (ISA) 2007 and Section

1.1 of SEC Guidance on implementation of Sections 60-63of Investments and Securities Act 2007, We, Mrs. Anderline Ndidi Dukor (Co-Chief Executive Officer) and Ifedamola Oluwasegun (Chief Financial Officer), certify that:

1. We have reviewed this audited financial statement of MeCure Industries Plc for the year ended 31 December,202
2. Based on our knowledge, this report does not contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements made, In light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

1. Based on our knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
2. We also certify that we:
3. 1. are responsible for establishing and maintaining internal controls;
   2. have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the company, is made known to us by others, particularly
      during the period in which this report is being prepared;
   3. have designed such internal control system, or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
      purposes in accordance with generally accepted accounting principles;
   4. have evaluated the effectiveness of the entity's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the
      period covered by this report based on such evaluation.
4. We have disclosed, based on our most recent evaluation of internal control system, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):
5. 1. All significant deficiencies and material weaknesses In the design or operation of the internal control system which are reasonably likely to adversely affect the entity's ability
      to record, process, summarize and report financial information; and
   2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the entity's internal control system.
6. We identified, in the report whether or not there were significant changes in internal controls or

other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.

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MeCure Industries Plc

Annual report and financial statements for the year ended 31 December 2024 Statutory Audit Committee Report

Report of the Audit Committee of MeCure Industries Plc

In accordance with the provisions of Section 404(7) of the Companies and Allied Matters Act No. 3 of 2020 ( as amended), the Members of the Audit Committee of MeCure Industries Plc have reviewed the Audited Financial Statements of the Company for the year ended December 31, 2024 and report as follows

1. The accounting and reporting policies of the Company are in compliance with the International Financial Reporting Standards (IFRS),
   the Companies and Allied Matters Act No. 3 of 2020 ( as amended) and the Financial Reporting Council of Nigeria Act. b)The scope and planning of the external audit are in our opinion adequate.
   c)The internal audit and internal control systems are adequate.
   d)The External Auditor's Management Letter was satisfactorily dealt with by Management.

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Mr. Olatunji Bamidele

Chairman, Statutory Audit Committee FRC/2024/PRO/ICAN/004/950399

Banwo & Ighodalo (Company Secretary) served as the Secretary of the Audit Committee.

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