Neimeth International Pharmaceuticals Plc has announced a 103 per cent growth in revenue for the 2024 financial year, as shareholders expressed confidence in the company’s performance and future profitability during its 66th Annual General Meeting held on Monday in Lagos.
The company’s Chairman, Christopher Oshiafi, disclosed this while presenting the audited financial results for the year ended 2024. According to him, total sales rose to N4.49bn in 2024 from N2.21bn in 2023, driven largely by improved sales volume and enhanced market penetration.
Oshiafi stated that despite the difficult economic environment in 2024, the company posted significant operational improvements. “Gross profit increased by 167 per cent from N734.07m in 2023 to N1.96bn in 2024, while operating profit rebounded from a loss of N1.02bn to a positive figure of N18.89m,” he said.
He added that the company’s cost containment strategies were effective, as marketing and distribution expenses dropped by 14 per cent from N792.38m to N628.18m, while administrative expenses declined by 28 per cent from N868.12m to N628.18m.
However, he noted that finance costs rose by 32 per cent to N873.32m, while foreign exchange losses increased by 41 per cent from N1.46bn to N2.05bn, which impacted bottom-line profitability.
The company recorded a loss before tax of N854.43m and a loss after tax of N885.33m for the year, compared to N1.69bn and N1.80bn, respectively, in 2023.
Speaking at the AGM, the Managing Director and Chief Executive Officer, Valentine Okelu, said the company had turned a corner and was now on a strong growth trajectory.
“Neimeth experienced a significant recovery in its operations in 2024, positioning it as one of the fastest-growing pharmaceutical companies on the Nigerian Exchange. Our strategy on cost efficiency and effective route-to-market execution drove operational improvements,” he said.
Okelu added that Neimeth’s share price witnessed a major rebound during the year as investors responded positively to the company’s improved financials and fundamentals.
Shareholders who spoke at the AGM commended the board and management for the turnaround in performance, noting that the company was gradually returning to a position where dividend payments would become sustainable.
Speaking at the event, the National Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, urged the company’s management to sustain the current trajectory of profitability and ensure consistent dividend payouts in the future.
He advised Neimeth to explore more opportunities in pharmaceutical manufacturing, noting that venturing into broader product lines would not only increase revenue streams but also solidify its position as one of the fastest-growing pharmaceutical firms on the Nigerian Exchange. “
