Neimeth International Pharmaceuticals Plc recorded a turnover growth of 86 per cent in the first quarter (Q1) ended March 31, 2025.
The interim report and accounts of Neimeth for the three-month period ended March 31, 2025 released at the Nigerian Exchange (NGX) showed that turnover rose by 86 per cent from N648.26 million in first quarter 2024 to N1.21 billion in first quarter 2025. Gross profit increased from N505.11 million to N639.72 million, a 27 per cent increase.
Operating profit doubled by 114 per cent from N210.14 million in first quarter 2024 to N449.87 million in first quarter 2025. Profit after tax rose from N77.65 million to N115.76 million, representing a 49 per cent increase. Earnings per share thus improved from two kobo to three kobo.
The balance sheet of the Company also improved considerably with total assets rising from N11.99 billion by December 31, 2024 to N12.41 billion by March 2025. Shareholders’ funds rose from N1.65 billion in December 2024 to N1.77 billion by March 2025.
Managing director/CEO, Neimeth International Pharmaceuticals, Pharm. Valentine Okelu, said the first quarter results showed the continuing growth in the company’s business amidst ongoing strategic initiatives aimed at boosting sales and cutting costs.
He said the Company remains focused on implementing its five-year strategic plan, which is aimed to consolidate the Company’s operations as a dominant brand out of Africa.
“We remain focused on our 2025-2029 strategic growth plan. The first quarter 2025 results lay out our path towards substantial growth in revenue and profit.
“We will pursue these strategic goals with vigour, building strong partnerships and leveraging market opportunities to drive sustainable expansion,” Okelu said.
He assured that the Company is making concerted efforts to create value for its shareholders, stakeholders, and the broader healthcare industry.
Earlier in the year, Okelu had unfolded the Company’s five-year growth plan aimed at boosting sales and reducing cost.
“Our emphasis on cost efficiency and effective route-to-market strategies has resulted in all-round operational enhancements,” Okelu said.
He said the Company is aggressively restructuring its foreign currency-denominated loans, converting them into naira to shield it from further forex volatility.
He explained that the Company is actively pursuing market expansion as a crucial component of its diversification strategy with a view to reinforcing resilience and long-term sustainability.
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