Neimeth posts N2bn turnover, plans N5bn investment

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Neimeth International Pharmaceuticals Plc has reported a turnover of N1.99bn and gross profit of N927m for the nine-month period ended June 30, 2021.

Neimeth’s interim report showed that its operating profit stood at N198.27m while profit before and after tax stood at N84.83m each.

The company said its earnings per share closed at 4.47 kobo.

It said in a statement, “Neimeth was adjudged as the best-performing stock in the healthcare sector of the Nigerian capital market at the 2021 Nigerian Investors Value Award.

“It was the third time since 2019 that the company has won similar award based on the performance of quoted companies on the Nigerian capital market, beating other leading quoted pharmaceutical companies.”

The Managing Director, Neimeth International Pharmaceuticals, Mr Matthew Azoji, said the company had continued to show resilience, despite macroeconomic challenges, which he said had been compounded by the COVID-19 pandemic.

According to him, the company remained focused on its medium to long-term strategic plans of growing its production capacity and market share, creating enduring value for all stakeholders and combined strategy of growing market share while simultaneously creating value for shareholders.

He reaffirmed the commitment of the company to its vision of becoming a manufacturing hub for medicines and centre of excellence for pharmaceutical development in Africa.

Azoji said the company’s growth plan, which included the investment of some N5bn in capacity expansion, remained on course, adding that early gains from these strategic initiatives should be major boosts for growth in the years ahead.

Shareholders of Neimeth had recently approved a plan to inject fresh capital of N5bn to fund the construction of a pharmaceutical manufacturing facility at Amawbia, near Awka in Anambra State.

The company said the plant was designed as a multi-products plant and would be presented to the World Health Organization for certification in line with its current standards of Good Manufacturing Practice.

Upon completion and certification, the plant is expected to provide foreign and local contract manufacturing services for drug production, research and development, formulation and validation services, among others.

SOURCE: PUNCH

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