Neimeth International Pharmaceuticals Plc says its plan is to grow its turnover by more than 127.7 per cent in the 2024 financial year.
The company’s plan is to generate sales revenue 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 N211 million.
The Managing Director/Chief Executive Officer of Neimeth International Pharmaceuticals Plc, Pharm. Valentine Okelu, disclosed this at the 65th Annual General Meeting of the company held in Lagos.
He added that this 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 growth trajectory. For instance, for 2024, we plan to deliver N5 billion revenue. We are looking at delivering N211 million as profit and if we stretch it up to 2028 to 2029, we are projecting N700 million in profits,” he stated.
Okelu noted 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 said.
In line with this positive projection the company recorded a turnover of N771 million 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. Okelu said the plan is to continue driving sales northwards to a level where losses would be contained and profit achieved in 2024.
Despite the challenges of the economy Okelu believes that investment in pharmaceutical manufacturing in Nigeria is a good and viable business decision.
He said the Nigerian pharmaceutical industry is projected to be worth US$1.7 billion by 2024 with an annual growth rate of 8.08 percent. So there is a wide room from which Neimeth will tap.
Shareholders encouraged the management of the company to be focused on delivering higher sales and profits so as to enable her return to dividend payment to shareholders.