Pharmaceutical firm, Neimeth International Pharmaceuticals Plc has announced that it would be expanding its manufacturing capacity by 300 percent to improve customers’ experience.
The Managing Director/CEO of organisation, Matthew Azoji noted that the expansion move followed the organisation’s ongoing facility upgrade of its factory in Oregun, Lagos.
Azoji expressed that the upgrade would increase Neimeth’s turnover and profits.
He explained that the developmental move had been on course since 2020, when the company announced two new projects – the construction of a new manufacturing plant in Amawbia, Anambra State, and the upgrade of Oregun plant in Lagos.
He disclosed that the two major projects were nearing completion to commence full operations soon.
Azoji said, “Neimeth’s fortunes have improved since 2018, when it turned a profit after nearly a decade of losses. From a loss of N404.9 million in 2017, the company earned N166.4 million in 2018, N304.4 million in 2019, N297.3 million in 2020 due to the COVID pandemic, and N365.2 million in 2021.”
Chairman of Neimeth’s Board of Directors, Dr. Ambrosie B.C. Orjiako stated that the board was working with management to ensure that the company’s growth trajectory was maintained, adding that Neimeth has transitioned from a period of constant losses to one of consistent growth in both turnover and profitability.
He said, “In 2019, The Managing Director, Matthew Azoji was named among Nigeria’s top 25 CEOs as a result of his achievements. In 2021, the company was recognized as the Best Performing Stock (Healthcare) in the Nigerian capital market by the Nigerian Investor Value Awards for the value it created for shareholders through capital gains. These recognitions further point out to our strides in the market. “
