Neimeth International Pharmaceuticals Plc has reported a 49% increase in profit after tax for the first quarter of 2025, reaching ₦115.76 million compared to ₦77.65 million in Q1 2024. This growth reflects the company’s ongoing strategic initiatives and operational improvements.
Key Financial Highlights:
- Turnover: Increased by 86% to ₦1.21 billion from ₦648.26 million.
- Gross Profit: Rose by 27% to ₦639.72 million from ₦505.11 million.
- Operating Profit: More than doubled, rising by 114% to ₦449.87 million from ₦210.14 million.
- Earnings Per Share: Improved to 3.0 kobo from 2.0 kobo.
The company’s total assets grew to ₦12.41 billion by March 31, 2025, up from ₦11.99 billion at the end of 2024. Shareholders’ funds increased to ₦1.77 billion from ₦1.65 billion.
Managing Director and CEO, Pharm. Valentine Okelu, attributed this performance to the company’s five-year strategic growth plan, which focuses on boosting revenues, reducing costs, and exploring strategic partnerships. He also highlighted efforts to restructure foreign currency-denominated loans into naira to mitigate forex volatility and improve cash flow.
Additionally, Neimeth has upgraded its Oregun, Lagos manufacturing facility to meet Good Manufacturing Practices (GMP) standards and is investing in research and development to enhance innovation and reduce dependency on imported medicines.
The company aims to resume dividend payments as part of its commitment to delivering value to shareholders.
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