2024FY: Neimeth Targets127.7% Growth in Turnover

Kayode Tokede

Neimeth International Pharmaceuticals Plc said it aimed to grow its turnover by more than 127.7 per cent in the 2024 financial year compared to what it made in 2023.

The company plans to generate sales of N5 billion in the current business year against a turnover of N2.2 billion it made in the prior year,  from this quantum leap  the company  hopes to make a profit of N211million.

The Managing Director/Chief Executive Officer of Neimeth International Pharmaceuticals, Pharm. Valentine Okelu, disclosed this at the 65th Annual General Meeting of the company held in Lagos. He added that these ambitious targets signal a bold step towards solidifying the company’s position as a leading healthcare provider in Africa.

“We have planned to move the company on a severe growth trajectory. For instance, for 2024, we plan to deliver N5billion revenue. We are looking at delivering N211million as profit and if we stretch it up to 2028 to 2029, we are projecting N700million in profits,” he stated.

Okelu remarked that despite facing challenges related to the operating environment especially of 2023 business year, Neimeth remained undeterred in its pursuit of growth.

He said the company is growing its production capacity to effectively meet demand of the market. Neimeth he said recently undertook a facility upgrade of its Oregun, Lagos factory increasing installed capacity by about 300 per cent.

“After our factory upgrade we are now working on capacity upgrade to overcome the challenges of meeting customer demands,” he explained.

In line with this positive projection the company recorded a turnover of N771million for the three months period ended 31st December 2023.

This represents the highest sales revenue achieved in a single quarter for the year and a growth of 39 per cent  over  quarter three (Q3). Compared to the earlier quarters of the year, it also represents 64 per cent  and 58 per cent growth over the revenues achieved in Q2 and Q1 respectively.