NIGERIA – Neimeth International Pharmaceuticals Plc, one of Nigeria’s leading pharmaceutical companies has recorded an impressive profit in the 9 months ending June 2020 amid covid-19 pandemic.
According to a report by Nairametrics, Neimeth realized an after-tax profit of N237.63m (US$ 0.61 million, an increase of 664.82 per cent when compared to the N31.07m (US$ 0.055 million) achieved in the same period last year.
Neimeth’s turnover rose to N2.01bn (US$5.20 million) from N1.41bn(US$ 3.65 million) while the company’s gross profit increased to N1.10bn (US$2.85 million) from N646.05m (US$ 1.67 million).
The pharmaceutical company’s operating profit jumped to US$1.05 million from US$0.30 million recorded in the same period last year.
Its total assets rose by 124.7 per cent to N6.18bn (US$15.99 million) from N2.75bn (US$7.11 million) recorded last year.
Neimeth’s Managing Director Matthew Azoji, noted that the company’s impressive result was due to the positive impact of company’s medium-term strategic growth plan.
“These nine-month results are clear indications of the directions we want to go. We are growing our domestic market while opening up the export market,” Azoji said.
He noted that the company’s expansion will provide it top-line diversification that is needed to sustain growth despite the vagaries.
“Improving margins across our major business lines of pharmaceuticals and animal health are pointers to the general operating efficiency as we seek the best blend of strategies to grow our business as well as shareholders’ value,” Azoji said.
The Neimeth MD outlined that the company would implement major expansionary initiatives in the continent.
This would include an upgrade of existing factory and development of new manufacturing facilities in line with the overall strategy to become the manufacturing hub for pharmaceuticals and healthcare products in Sub-Saharan Africa.
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