Neimeth Worldwide Prescription drugs Plc has assured its shareholders of the corporate’s potential for development and enhanced worth.
The Firm acknowledged this at its 66th Annual Common Assembly held yesterday in Lagos.
With a robust presence within the pharmaceutical business, Neimeth is well-positioned to capitalise on rising alternatives and drive shareholder worth.
Talking, the chairman of Neimeth Worldwide Prescription drugs, Mr. Christopher Oshiafi stated that “regardless of the daunting environmental challenges in 2024, Neimeth achieved a 103 per cent income development and a complete gross sales of the corporate rose to N4. 485 billion in 2024 as towards N2.209 billion in 2023.”
He attributed this development to an invigorated gross sales quantity drive, saying that gross revenue jumped by 167 per cent from N734.070 million to N1.957 billion.
Oshiafi famous that “this previous yr, the board of administrators made a decisive transfer, with the complete backing of the Securities and Change Fee, to reallocate N1.5 billion that was initially supposed for the development of a brand new plant in Anambra State.
“This funding has now been particularly directed in the direction of enhancing the growth and operational effectivity of our present plant in Lagos State. This strategic choice was important in response to the continuing depreciation of the naira and inflationary pressures, which have immediately impacted our working capital and budgeting for the brand new challenge.”
He additionally famous that “this ambition immediately helps our aim to emerge because the main healthcare supplier out of Africa. Moreover, this facility will strategically place Neimeth to capitalise on the alternatives offered by the African Continental Free Commerce Settlement (AfCFTA), solidifying our standing as a big participant in pharmaceutical manufacturing and distribution throughout the continent. We’ll present common updates as this challenge advances.”
Additionally, the managing director/chief government of the corporate, Pharm. Valentine Okelu stated “Neimeth skilled a big restoration in its operations, positioning as one of many fastest-growing pharmaceutical firms on Nigerian Exchanges Restricted (NGX) in 2024.
“The total yr experiences and accounts present a robust development outlook pushed by elementary enhancements in our enterprise. Our emphasis on value effectivity and efficient route-to-market methods resulted in all-around operational enhancements.”
Shareholders stated that the corporate now stands on the nice stead to make income and can quickly start to pay dividends.
We’ve bought the sting. Get real-time experiences, breaking scoops, and unique angles delivered straight to your telephone. Don’t accept stale information. Be part of LEADERSHIP NEWS on WhatsApp for twenty-four/7 updates →
