Neimeth International pharmaceutical announces 27 per cent increase in profit to N270.5m

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By Philemon Adedeji

Neimeth International pharmaceutical PLC declared yesterday 2,27 per cent increase in profit for full year audited result and accounts for the period ended as at September 30th, 2021.

The result which were released to the Nigerian exchange group revealed that the Company reported a significant profit before tax from N297.3 million in nine months of 2020 to N365.2  million in nine months of 2021, a huge per cent of 22.8 per cent improvement from corresponding period  in nine months financial year.

The company revenue generated, revealed an increase of 7.3 per cent from N2.83 billion in nine months of 2020 to N3.04 billion in nine months of 2021,as the company kept on distribution of product system for all parts.

Operating profit reported, it revealed that profit rose by 8.4 per cent  from N510.1 million in twelve months of 2020 to N553.5 million   in twelve months of 2021.

According to the gross profit recorded, it was seen a decline of 4.25 per cent, when the profit dropped from N1.50 billion in twelve months of 2020 to N1.44 billion in twelve months of 2021.

Earnings per share for the period is impressed by 27 per cent from N11 in twelve months of 2020 to N14 in nine months of 2021.

The Directors of the company hereby authorised to do all acts and things  and to approve, sign and or execute all documents, appoints such professional parties and advisers, perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with directives of any regulatory authority.

The Company also raise equity capital of N1.32 billion by way of special or private placement to finance the establishment of a new plant and a working capital needs.

The dilution level from the above capital raised can be limited to 12.83 per cent.

Share capital  of the company minimum issued can be increased from N1.0  billion to N2.45 billion through the creation of additional there unto of N2.9 billion Ordinary share of 50kobo each, such new shares to rank pari-passu in all respects with the existing shares in the capital of the company.