Neimeth International Pharmaceuticals Grows Six Months’ Profit by 939%

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Goddy Egene

Shareholders of Neimeth International Pharmaceuticals Plc should expect an impressive financial performance at the end of the year going by the half year results reported by the company. The unaudited results for the half year ended March 31, 2020, showed a turnover of N1.165 billion, up from N976 million in the corresponding period of 2019. Profit after tax soared by 939 per cent from N5.447 million to N56.596 million in 2020.

However, the improved results did not come to many market analysts as a surprise given the promise made by the managing director of the company, Matthew Azoji, to shareholders at the company’s last annual general meeting (AGM).

According to him, Neimeth’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.

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

Azoji said the strategic direction for 2020-2024, is to initiate bold and gradual expansion initiatives 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.