• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 3, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Neimeth Pharmaceuticals To Raise Fresh Funds For Expansion

by Olushola Bello
6 months ago
in Business
Neimeth Pharmaceuticals
Share on WhatsAppShare on FacebookShare on XTelegram

Neimeth International Pharmaceuticals Plc, has said it is considering to raise fresh capital from the Nigerian capital market to boost its working capital and expansion growth.

Advertisement

The managing director/CEO, Neimeth International Pharmaceuticals, Valentine Okelu stated this at a media parley held in Lagos.

He disclosed that the decision to raise fresh capital is not ruled out as the management of the company will be having a strategy session in less than one month to decide on its possibility.

According to him, our expansion program is twofold: the modernisation of our existing Oregun plant and the development of a new state-of-the-art manufacturing facility.

“We recently completed the long-planned upgrade of our manufacturing facility in Oregun, Lagos, which was originally established in 1976. This upgrade aligns with Good Manufacturing Practices (GMP) and enhances our cGMP compliance. We are also embarking on capacity upgrade of the plant to improve its manufacturing capacity.”

RELATED

Business Summit Partners UWEAL To Empower African Entrepreneurs

Business Summit Partners UWEAL To Empower African Entrepreneurs

10 hours ago
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

14 hours ago

Okelu added that “in line with our vision of becoming a pharmaceutical manufacturing hub for Africa, Neimeth is constructing a WHO-compliant production facility in Anambra State. This facility will serve as a center of excellence for pharmaceutical research, development, manufacturing, and distribution.

“Furthermore, this facility will enable us to maximize the opportunities presented by the African Continental Free Trade Agreement (AfCFTA), positioning Neimeth as a key player in pharmaceutical production and distribution across the continent.”

On 2024 business performance, he stated that the Company experienced a significant recovery in its operations, positioning it as one of the fastest-growing pharmaceutical companies on NGX in 2024.

“The company’s revenue surged by 102 per cent, increasing from N2.2 billion in 2023 to N4.5 billion in 2024. Gross profit recorded a 170 per cent increase, while we reversed a negative bottom line from 2023 with an operating profit of N338.5 million, a 126 per cent improvement over the N1.3 billion loss incurred in the previous year. This represents an absolute profit improvement of N1.638 billion.

“However, despite these remarkable achievements, we encountered a significant foreign exchange loss amounting to N2.03 billion, leading to a pre-tax loss of N1.69 billion for the year,” Neimeth MD said.

He revealed that “to mitigate this challenge, we are aggressively restructuring our foreign-denominated loans, converting them into naira to shield us from further forex volatility. Additionally, we are negotiating extended payment terms on outstanding facilities to create financial headroom for a swift return to positive cash flow and profitability.”

He also disclosed that Neimeth operates with a well-defined five-year strategic plan focused on product and market diversification, saying that “our five-year projections from 2025 to 2029 outline a path toward substantial revenue and profit growth. With strategic investments maturing, we are poised to return to profitability and resume dividend payments in the near future.

“Our new strategic direction is to establish Neimeth as a recognised international brand within Sub-Saharan Africa. We will pursue this ambition with vigor, building strong partnerships and leveraging market opportunities to drive sustainable expansion.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Venezuelan Mining Investors Eye Opportunities In Nigeria

Next Post

Nasarawa Poised For Greater Success – AG

Olushola Bello

Olushola Bello

You May Like

Business Summit Partners UWEAL To Empower African Entrepreneurs
Business

Business Summit Partners UWEAL To Empower African Entrepreneurs

2025/08/02
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations
Business

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

2025/08/02
FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Business

Dangote Refinery Appoints David Bird As CEO

2025/08/02
Nestlé Equips Over 3.7m Children In 2023
Business

Nestle Nigeria Deepens Grassroots Impact With Women Empowerment Initiative

2025/08/02
Wema Bank Rewards 131 Customers With N11m In ‘5 For 5’ Promo Monthly Draw
Business

Wema Bank Grows Profit by 231% in H1 2025

2025/08/02
United Capital Appoints Uche Ike As New Chairman
Business

United Capital Appoints Uche Ike As New Chairman

2025/08/02
Leadership Conference advertisement

LATEST

Edo LG Polls: I’m Aspiring To Advance Good Governance In Ovia South-West — Omoruyi

LASU Suspends Exam, Academic Activities

ADC Condemns Shutdown Of Radio Station In Niger

Abure-led Labour Party Faults INEC Over Party’s Omission In By-election

Gov Sani Distributes 400 Trucks Of Fertilizer To 100,000 Kaduna Farmers

Police Clash With Community Over Land Dispute In Abuja

Zulum Allays Borno Residents’ Fears Over Alau Dam

Police Summon Sowore For Alleged Forgery, Inciting Disturbance

Tinubu Celebrates Ex-VP Sambo At 71

NSE President Urges Stronger Nigeria–Japan Synergy For Infrastructure Dev’t

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.