Neimeth Assures Shareholders of Improved Value Creation

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Goddy Egene

Chairman, Neimeth International Pharmaceuticals Plc, Dr. Ambrose Orjiako has reiterated the commitment of the board and management to the creation of value for the shareholders of the company.

Orjiako stated this at the annual general meeting(AGM) of the company in Lagos, assuring shareholders that the directors would not rest until there is return on investment of shareholders in the company, promising the shareholders dividend in the nearest future.

He said company had, in 2019, began the articulation of strategies meant to drive vigorous expansion initiative, adding that the company would launch a five-year strategic plan to reposition the company to play a greater role in the wider healthcare industry and ensure good returns on investment for shareholders.

Explaining the strategic direction for 2020-2024, Managing Director, Neimeth International Pharmaceuticals Plc, Matthew Azoji, said the strategic focus of the company in years ahead is to initiate bold and gradual expansion initiative that would see the company increasing market share in the healthcare industry.

He said the five-year strategic plan would guide the company’s vigorous expansion programme, which include the upgrade of the company’s factory at Oregun, Lagos State, development of new manufacturing facilities and expansion of the company’s marketing drive to Sub-Saharan Africa.

Azoji said part of the new strategic focus of the company is to partner with local and international brand owners in the area of contract manufacturing.

The directors expressed their determination to grow the turnover of the company to the N4 billion mark in the immediate future.

Meanwhile, the shareholders unanimously approved the balance sheet restructuring that enables the company to offset accumulated losses with reserves, thus putting the company in good stead to declare dividend from current net earnings.