Neimeth International Pharmaceuticals Plc has assured its shareholders of the company’s potential for growth and enhanced value.
The Company stated this at its 66th Annual General Meeting held yesterday in Lagos.
With a strong presence in the pharmaceutical industry, Neimeth is well-positioned to capitalise on emerging opportunities and drive shareholder value.
Speaking, the chairman of Neimeth International Pharmaceuticals, Mr. Christopher Oshiafi said that “despite the daunting environmental challenges in 2024, Neimeth achieved a 103 per cent revenue growth and a total sales of the company rose to N4. 485 billion in 2024 as against N2.209 billion in 2023.”
He attributed this growth to an invigorated sales volume drive, saying that gross profit jumped by 167 per cent from N734.070 million to N1.957 billion.
Oshiafi noted that “this past year, the board of directors made a decisive move, with the full backing of the Securities and Exchange Commission, to reallocate N1.5 billion that was originally intended for the construction of a new plant in Anambra State.
“This funding has now been specifically directed towards enhancing the expansion and operational efficiency of our existing plant in Lagos State. This strategic decision was essential in response to the ongoing depreciation of the naira and inflationary pressures, which have directly impacted our working capital and budgeting for the new project.”
He also noted that “this ambition directly supports our goal to emerge as the leading healthcare provider out of Africa. Furthermore, this facility will strategically position Neimeth to capitalise on the opportunities presented by the African Continental Free Trade Agreement (AfCFTA), solidifying our status as a significant player in pharmaceutical production and distribution across the continent. We will provide regular updates as this project advances.”
Also, the managing director/chief executive of the company, Pharm. Valentine Okelu said “Neimeth experienced a significant recovery in its operations, positioning as one of the fastest-growing pharmaceutical companies on Nigerian Exchanges Limited (NGX) in 2024.
“The full year reports and accounts show a strong growth outlook driven by fundamental improvements in our business. Our emphasis on cost efficiency and effective route-to-market strategies resulted in all-around operational enhancements.”
Shareholders said that the company now stands on the good stead to make profits and will soon begin to pay dividends.
