Neimeth Records Impressive Financial Performance

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Goddy Egene

Neimeth International Pharmaceuticals Plc is riding on the strength of operating and finance efficiency to grow its bottom-line for the 2018/2019 full year (FY) ended September 30, 2019 and the first quarter (Q1) results for the 2019/2020 financial year ended December 31, 2019.

For the FY, profit before tax(PBT) jumped by 82.9 per cent from N166.46 million to N304.44 million after taxes, net profit increased by 48.7 per cent from N148.02 million to N220.15 million for the two periods respectively.

For Q1 turnover leapt by 167.1 per cent to N606.5 million compared with N227.07 million recorded in comparable period of 2018/2019 business year. Gross profit quadrupled by 465.6 per cent from N53.52 million to N302.71 million. The company replaced operating loss of N119.3 million in December 2018 with operating profit of N111.68 million by December 2019. The bottom-line turned positive with a net profit of N82.65 million in December 2019 as against net loss of N139.16 million in December 2018.

Managing Director/CEO, Neimeth International Pharmaceuticals Plc, Matthew Azoji, said the results were evidence that the company had regained its momentum and steadily growing its market share.

He said the company’s medium term strategic plan aims at building on the enviable pedigree of the six decades old company unto a new era of greater achievements for all stakeholders.

“Our strategic plan is to reposition the company to play greater roles in the healthcare industry, deliver better returns on investment to shareholders and greater benefits to all other stakeholders,” Azoji said.

According to him, the company would continue its deliberate strategy of cost management to ensure that top-line gains translate into improvement in returns to shareholders.