Neimeth International Pharmaceuticals Plc. has reported a profit after tax of N271 million for the 2021 financial year, representing an increase of 27 percent when compared to the 2020 financial year.
The company disclosed this during its 63rd Annual General Meeting, AGM held in Lagos.
The company also noted that its pre-tax profit increased by 23 percent to N365.25 million over the 2020 figure of N297.38 million.
To compensate shareholders, the company has approved ₦132,941,047.49 as a dividend payment for the financial year, the amount translates to 7 kobo per 50 kobo ordinary share held in the company.
Speaking on the company’s performance during the AGM, Neimeth’s Managing Director/CEO, Matthew Azoji said the results were achieved through prudent management of resources.
He said: “We were able to rein in costs, eliminate waste and eke out income to increase the margin of profit. In the past three years, the company has built a regime of growth in revenue and profits after ten years of lull”.
He also revealed that the Company is taking a quantum leap in the 2022 business as it plans to increase capacity by 300 percent. “This will be the outcome of an ongoing facility upgrade at its Oregun, Lagos factory”, he added.
Investors King recalls that the company, in 2021, announced a two-pronged expansion programme to build a new manufacturing plant at Amawbia in Anambra State and a facility upgrade of its Oregun plant. According to Azoji, the facility upgrade is now nearing completion while work at the new plant is expected to get to an advanced stage by the end of this year.
Also speaking at the AGM, the Chairman of the Board of Neimeth, Dr. Ambrosie Orjiako, told shareholders that the board is working with Management to ensure that the growth trajectory is sustained.
Neimeth Pharmaceuticals is the resultant company from the Mazi Sam I. Ohuabunwa led Management-Buy-Out of the 60% equity holding of Pfizer Inc. New York, USA in Pfizer Products Plc.
This Management-Buy-Out took place in May 1997 when Pfizer Inc., in pursuit of its global repositioning strategy, divested 60% equity in Pfizer Products Plc. in favour of the existing management.
Before the brand name Neimeth International Pharmaceuticals Plc., the company had operated in Nigeria for 40 years, manufacturing, marketing, and distributing Pfizer brands of pharmaceutical and veterinary products in tablets, capsules, ointment/cream, powder, injectables, and oral liquid forms.
