Neimeth International Pharmaceuticals Plc regained a strong growth momentum in the second quarter of its current business year as significant growth in sales and improved cost efficiency reversed the loss in the previous quarter with a net profit of N207.1 million.
Key highlights of the interim report and accounts of Neimeth for the second quarter ended March 31, 2021, released at the Nigerian Exchange (NGX) Limited, showed that sales rose by 58.8 per cent within the three-month period while gross profit and operating profit grew by 76.6 per cent and 652.77 per cent respectively.
Turnover jumped to N887.01 million by March 2021 compared with N558.69 million recorded by March 2020. Gross profit rose from N250.56 million in 2020 to N442.38 million in 2021. Operating profit leapt from N28.9 million in March 2020 to N217.55 million in March 2021. As against net loss of N26.06 million by March 2020, the company ended March 2021 with a net profit of N207.1 million. With these, earnings per share for the three-month period ended March 31, 2021 stood at 10.9 kobo as against loss of 1.37 per share recorded by March 2020.
The report showed impressive improvements in underlying profit-making ability of the healthcare company with gross profit margin rising from 44.85 per cent in March 2020 to 49.9 in March 2021. Operating profit margin quadrupled from 5.17 per cent in 2020 to 24.53 per cent in 2021. As against average loss of N4.67 on every unit of N100 sales in 2020, the company made an average of N23.35 per every unit of sales in 2021, with net profit margin of 23.35 per cent in March 2021 as against 4.67 per cent net loss recorded in March 2020.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state.
Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train
The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…