Neimethw posts N2bn turnover in 9 months

Neimeth International Pharmaceuticals  Plc continued on the path of profitability in the third quarter with turnover of about N2 billion and gross profit of N927 million within the nine-month period.

Interim report of the healthcare company for the nine-month period ended June 30, 2021, released at the Nigerian Exchange (NGX) Limited showed that Neimeth International  Pharmaceuticals Plc  recorded turnover of N1.99 billion and gross profit of N927.01 million during the period.

Operating profit stood at N198.27 million while profit before and after tax stood at N84.83 million each. With these, earnings per share closed the nine-month period at 4.47 kobo.

The balance sheet of the healthcare company continued to improve with total assets rising from N6.44 billion by the year ended September 30, 2020 to N6.52 billion by the third quarter ended June 30, 2021. Total equity funds stood at N1.23 billion.

Neimeth was adjudged as the best performing stock in the healthcare sector of the Nigerian capital market at the 2021 Nigerian Investors Value Award (NIVA). It was the third time since 2019 that the company has won similar award based on the performance of quoted companies on the Nigerian capital market, beating other leading quoted pharmaceutical companies.

Managing Director, Neimeth International Pharmaceuticals Plc, Pharm. Matthew Azoji, said the company has continued to show resilience despite macroeconomic challenges, which have been compounded by COVID-19 pandemic.

According to him, the company remained focused on its medium to long-term strategic plans of growing its production capacity and market share, being the front-leader creating enduring value for all stakeholders and combined strategy of growing market share while simultaneously creating value for shareholders.

He reaffirmed the commitment of the company to its vision of becoming a manufacturing hub for medicines and centre of excellence for pharmaceutical development in Africa.

Azoji said the company’s growth plan which included investment of some N5 billion in capacity expansion remains on course and early gains from these strategic initiatives should be major boosts for growth in the years ahead.

Shareholders of Neimeth had recently approved plan to inject fresh capital of N5 billion to fund construction of  a World Health Organisation (WHO) current standards of Good Manufacturing Practice (WHO cGMP) pharmaceutical manufacturing facility at Amawbia, near Awka in Anambra State.

The Amawbia plant was designed as a multi-products plant and will be presented to the World Health Organisation (WHO) for certification in line with its current standards of Good Manufacturing Practice (cGMP). Upon completion and certification, the plant is expected to provide foreign and local contract manufacturing services for drug production, research and development, formulation and validation services among others.

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