By Peter Egwuatu

Neimeth International Pharmaceuticals Plc, has declared an after tax profit of N271million for the 2021 business year, representing a 27 per cent rise over the prior year (2020) figure of N212.47 million.

The pre- tax profit of the company rose 23 per cent at N365.25 million over the 2020 figure of  N297.38 million.

This result was achieved on a modest turnover rise of 7 per cent  to  N3. 05 billion in 2021 from N2.84 billion in 2020.

 Managing Director/CEO, Neimeth, Matthew Azoji at the 63rd Annual General Meeting, AGM, of the company held in Lagos, said:  “The results were achieved through prudent management of resources. We  were able to rein in costs, eliminate waste and  eke out income to increase the margin of profit”, Following this profit, the Company has declared a dividend of 7 kobo for every 50 kobo share held of the Company, an 8 per cent increase over the figure of 6.5  kobo paid last year.

“In the past three years the company has built a regime of growth in revenue and profits after ten years of lull.  The Company is taking a quantum leap in the 2022 business as it plans to increase capacity by 300 per cent.  This will be the outcome of an ongoing facility upgrade at its Oregun, Lagos factory”.

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