Neimeth Pharmaceuticals Plc said it is embarking on strategic expansion plans, focusing on its Oregun plant in Lagos state and investing in youth employment.
The Chairman of Neimeth, Ambrosie Orjioko, disclosed this at the 65th Annual General Meeting of the company held in Lagos State on Thursday.
He noted that the company is set to employ more youths to increase its output and profitability.
“One plan we have is to bring young people and experts into the company, either as employees or as graduate trainees. By the time our graduate trainee program is completed, we will need people who will succeed as members of the top management, and the future is brighter than what we had last year. We will also leverage the Oregun plant to improve our output,” he said.
The Managing Director of Neimeth, Valentine Okelu, stated that the board is exploring options to raise money to complete the company’s plants nationwide and launch new products to boost its profitability.
He said, “We have started work on our plant site, and the board is looking at other options to raise more money to complete that plant. We have expanded the Oregun plant, and we have better facilities there to enhance our profitability. We will bring in more products within the next three to six months to help fill the gaps.”
He noted that the company is set to go beyond Ghana and explore other African countries.
He urged the government to revisit its intervention fund while urging the public to patronise the company’s products to enhance its growth.
“The pharmacy sector needs what I always refer to as patient capital. It does not come from individuals who want to invest and get returns. So the intervention fund that the government was doing, I think they need to come back to it. The other part is patronage. You should be able to buy locally made products that also give confidence to other governments; we also need power,” he stated.
In his remarks, a shareholder identified as Adebayo Adeleke urged the management of the company to be focused on delivering higher sales and profits to enable the company to return to dividend payments to shareholders
“Last year was turbulent for the company, and the business was striving to survive. One major concern I have is that the company posted a loss of N2.8bn, and I think there is something fundamental that is wrong. The business has potential, but we have not gotten to the threshold of breaking even,” Adeleke said.
According reports that Neimeth Pharmaceuticals Plc is eyeing N211 million in profit in the 2024 financial year, aimed at solidifying the company’s position as a leading healthcare provider in Africa.
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