N2b turnover is posted by Neimeth within 9 months

Within the first nine months of this business year, Neimeth International Pharmaceuticals Plc generated a turnover of approximately N2 billion, with gross profit of N927 million.

At the Nigerian Exchange (NGX) Limited, an interim report and company accounts of Neimeth International Pharmaceuticals showed that the company recorded sales of N1.99 billion and gross profit of N927.01 million for the nine-month period that ended June 30, 2021. For the financial year ended June 30, 2016, the operating profit was N198.27 million while the profit before and after tax was N84.83 million each. The company closed the nine-month period by posting earnings per share of 4.47 kobo.

With total assets rising from N6.44 billion to N6.52 billion, the healthcare company’s balance sheet improved in the second quarter of 2021. Totalling N1.23 billion, total equity funds remained unchanged.

The stock of a leading health care corporation performed the best in the market capital of Nigeria at the annual Investors Value Award (NIVA). Over the course of 2019, RPE Pharma has been recognized three times for winning award categories based on the performance of quoted pharmaceutical companies on the Nigerian capital market, compared to other leading pharmaceutical companies.

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Even though the global economy has struggled, Neimeth International Pharmaceuticals, Pharm. Matthew Azoji, the firm’s managing director, stated that the company has continued to show resilience, in part due to COVID-19 pandemic.

He says the company kept its strategic plans of growing its production capacity and market share, leading the way in creating long-term value for all stakeholders.

He reaffirmed the company’s commitment to fulfilling its vision of becoming a pharmaceuticals manufacturing hub for Africa, as well as being a preeminent research and development hub in Africa.

Chief executive officer Azoji reported that the company’s growth strategy, which included capital investment of some N5 billion in additional capacity, remains on track. He anticipates early returns from these strategic initiatives will result in rapid growth over the coming years.

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A current WHO Good Manufacturing Practice (cGMP) pharmaceutical manufacturing facility in Amawbia, Anambra State, was recently approved by shareholders of Neimeth Pharmaceuticals.

Amawbia is an Amawbia multi-products plant that is being prepared for WHO Good Manufacturing Practice certification (cGMP). After the project is completed and verified, the plant is expected to offer contract manufacturing services for pharmaceuticals, R&D, and formulation and validation services.