By Peter Egwuatu
Neimeth International Pharmaceuticals Plc continued its impressive growth trajectory in the third quarter, Q3’20 as double-digit growth in sales and improving operational efficiency leapfrogged profit by 664.8 percent during the nine-month period.
Interim report and accounts of Neimeth for the nine-month period ended June 30, 2020 released at the Nigerian Stock Exchange (NSE) showed that turnover rose by 42.6 percent, providing the linchpin for gross profit and operating profit to rise by 70.3 per cent and 247.16 per cent respectively. Net profit thus grew by 664.8 percent.
Earnings per share jumped by 550 percent, underscoring strong potential for increased dividend payment for the current business year.
The report showed impressive growths across all business segments as increased market share in Nigeria was further boosted by resumption of export sales. For instance, veterinary business jumped by over 300 percent from N82 million in full year2019 to N317 million in nine months of 2020.
Turnover rose to N2.01 billion in Q3’20 as against N1.41 billion recorded in comparable period of 2019. Gross profit crossed the landmark of a billion naira to N1.10 billion by June 2020 compared with N646.05 million posted by June 2019. Operating profit more than tripled from N117.06 million to N406.38 million. Profit after tax leapt to N237.63 million by June 2020 as against N31.07 million recorded in corresponding period of 2019.
Managing Director/CEO, Neimeth International Pharmaceuticals Plc, Pharm Matthew Azoji, said the well-rounded growth in the period under review showed that the company’s growth strategies are resilient and have continued to gain traction.
According to him, the third-quarter results lent credence to improving positive impact from the company’s medium-term strategic growth plan as it strives to open additional markets while consolidating its major domestic market.