Its turnover rose to N2.01 billion in third quarter 2020 as against N1.41 billion recorded in comparable period of 2019, while gross crossed the landmark of a billion naira to N1.10 billion, up from N646.05 million posted in the corresponding period of 2019.
Profit after tax soared by 665 per cent to N237.63 million by
The report indicated earnings per share of 13 kobo in 2020, showing a jump from 2.0 kobo in comparable period of 2019. Market operators said the substantial increase in distributable earnings places Neimeth in good stead for dividend payment, after shareholders at their annual general meeting in
Commenting on the results, Managing Director/CEO,
According to him, the nine 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.
"These nine-month results are clear indications of the directions we want to go. We are growing our domestic market while opening up the export market, giving us the top-line diversification that we need to sustain growth despite the vagaries. Improving margins across our major business lines of pharmaceuticals and animal health are pointers to the general operating efficiency as we seek the best blend of strategies to grow our business as well as shareholders' value," Azoji said.
He outlined that the company would implement major expansionary initiatives including upgrade of existing factory and development of new manufacturing facilities in line with the overall strategy to become the manufacturing hub for pharmaceuticals and healthcare products in Sub-Saharan Africa.
"In the last quarter of the year, while we acknowledge the negative impact of the COVID-19 pandemic, we will continue to drive our market share and cost control to ensure we close strong. We remain focused on delivering greater value to our shareholders, who have been supportive of the transformation plan of the company," Azoji said.
Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com)., source