Neimeth International Pharmaceuticals Plc has recorded an 11 per cent increase in profit for the half-year ended June 30, 2025.
The company’s unaudited financial results filed with the Nigerian Exchange Limited recently showed a profit after tax of N219.6m for the period, up from N198.2m reported in the same period of 2024.
Revenue grew 76 per cent to N2.91bn compared to N1.66bn in the first half of last year, driven by higher sales across its product portfolio.
Gross profit increased 69 per cent to N1.58bn from N934m in the corresponding period.
However, the company’s cost of sales rose 84 per cent to N1.33bn, reflecting increased production costs.
Operating profit more than doubled to N1.06bn from N492m, supported by other income, which surged 220 per cent to N266m.
Despite the strong operating performance, finance costs jumped 186 per cent to N838m, leading to a modest 11 per cent growth in profit before tax to N220m.
Administrative expenses also saw a sharp increase of 710 per cent to N498m, while marketing and distribution expenses grew 24 per cent to N291m.
At the end of June 2025, Neimeth’s total assets stood at N12.43bn, up from N11.99bn the previous year, with equity improving to N1.87bn from N1.65bn.
The company’s accumulated losses narrowed to N2.64bn from the N2.86bn recorded in June 2024.
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