Home Corporate News We Are Focused On Recording N211m Profit In 2024 – Neimeth Pharmaceuticals

We Are Focused On Recording N211m Profit In 2024 – Neimeth Pharmaceuticals


The Managing Director/Chief Executive Officer of Neimeth International Pharmaceuticals Plc, Valentine Okelu, has said that Neimeth Pharmaceuticals Plc is eyeing N211m profit in the 2024 financial year.

He disclosed this at a virtual meeting themed ‘Facts behind the presentation of the figures by Neimeth International Pharmaceuticals Plc’ during the week.

Okelu added that those ambitious targets signaled 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 N5bn and we believe that we would have been back.  We are looking at delivering N211m as profit and if we stretch it up to 2028 to 2029, we are projecting N700m,” he stated.

Okelu remarked that despite facing challenges related to compliance with the Nigerian Exchange Limited’s free float requirement, Neimeth remained undeterred in its pursuit of growth and regulatory adherence.

Addressing concerns surrounding its free float deficiency, he noted that the pharmaceutical company had initiated discussions with the NGX, seeking additional time to rectify the situation while implementing measures to ensure sustained compliance.

“As of 31st December 2022, the company’s free float stood at 37 per cent, which was 17 per cent above the 20 per cent minimum requirement mandated by the Nigerian Exchange Limited’s rule. However, in 2023, following the conclusion of the company’s rights issue exercise, an assessment of the company’s free float showed that it had fallen to 17.78 per cent, bringing the company below the NGX’s free float requirement of 20 per cent of its issued share capital.

“We have appealed to the NGX for more time to deal with the deficiency. I have met and decided (with) the members of the board, and we have agreed that the percentage by the members of the board will not be more than 80 per cent,” he expounded.

He maintained that the company’s recent facility upgrades at the Oregun plant had demonstrated the strategic leverage of technology to optimise operational efficiency, particularly within the supply chain.

Okelu added that the establishment of a new product development team in the company was poised to capitalise on emerging market opportunities and address gaps created by the departure of multinational pharmaceutical entities.

“We are done with the facility upgrade of the Oregun Plant, but we are trying to meet up with the facility upgrade. We have been able to leverage technology and drive efficiency in key areas, especially in our supply chain.

“The first step to take advantage of the exit of the multinationals is that we have a new product development team that is working on new products so that where there are gaps, we will fill them. We are using our experience in manufacturing to bring in products that can measure up to the products that have become more expensive,” he explained.

The acting Chief Executive Officer of the Nigeria Exchange Limited, Jude Chiemeka, said that the company had enhanced its reputation in the financial sector and that NGX would maintain a significant impact on diverse economic sectors.

“We are delighted that Neimeth has used this platform to communicate its financial performance. The company has continued to build its brand in the capital market. NGX continues to play a pivotal role across various sectors in the economy through collaborative efforts,” he explained.

Credit: punchng.com

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