BY BANYO TEMITAYO
NEIMETH International Pharmaceuticals Plc has recorded a 20 per cent growth in revenue in its financial year ended September 30, 2020.
In view of this, the company is set to declare its first dividend in 10 years, as indicated by an analysis of its audited report and accounts for the year ended September 30, 2020.
Analysis of the report showed that Neimeth’s revenue rose by 20 per cent to N2.84 billion in 2020 over the N2.37 billion recorded in the same period of 2019.
Gross profit rose by 26.9 per cent, from N1.19 billion in 2019, to N1.51 billion in 2020.
The company said despite the tough operating environment occasioned by the COVID-19 pandemic and industry-specific challenges, it sustained considerable bottom-line with profit before tax of N297.39 million compared to the preceding year’s figure of N304.44 million.
It also disclosed that profit after tax was N212.48 million, translating into earnings of 11 kobo per share.
The balance sheet of the company emerged stronger with total assets rising by 134.2 per cent to N6.44 billion in 2020, from N2.75 billion in 2019, while shareholders’ funds increased by 18.7 per cent, from N1.07 billion in 2019 to N1.27 billion in 2020.
The company’s Board of Directors, therefore, recommended dividend payment of 6.5 kobo on every 50 kobo share for the 2020 business year, which marked its return to annual dividend payment.
Managing Director, Neimeth International Pharmaceuticals Plc, Matthew Azoji, was quoted as saying that the growth in sales underscored the increasing market penetration and acceptance of the company’s brands by customers.
He said the 2020 performance showed continuing success of the company’s medium-term strategic growth plan as it made efforts to open additional markets while consolidating its major domestic market.
