NEIMETH REPORTS 144% PROFIT SURGE IN H1 2024
SUMMARY:
Neimeth International Pharmaceuticals Plc has reported a significant increase in its post-tax profit for the first half of 2024, reaching N198.2 million—a 144% rise from the previous year. This growth is attributed to improved production processes and economies of scale.
Key Points:
1. Financial Performance:
- Gross Profit: Rose by 211% to N933.9 million, up from N300.6 million in H1 2023.
- Turnover: Increased by 73% to N1.66 billion, compared to N957.4 million in the same period last year.
- Cost of Sales: Increased by 10% to N722.8 million.
2. Expenses and Costs:
- Marketing and Distribution Expenses: Reduced by 42% to N263.9 million.
- Administrative Expenses: Decreased by 10% to N261.7 million.
- Finance Costs: Nearly doubled to N293.4 million due to higher interest rates and increased borrowings.
3. Assets and Liabilities:
- Total Assets: Increased to N9.56 billion, up from N8.94 billion at the end of 2023.
- Liabilities: Rose to N7.90 billion, compared to N7.47 billion as of December 31, 2023.
4. Legal and Expansion Efforts:
- The company faces ongoing legal disputes with contingent liabilities amounting to N53 million.
- Neimeth is focusing on strategic expansion plans, particularly at its Oregun plant in Lagos State and investing in youth employment.
SUMMARY:
Neimeth International Pharmaceuticals Plc has reported a significant increase in its post-tax profit for the first half of 2024, reaching N198.2 million—a 144% rise from the previous year. This growth is attributed to improved production processes and economies of scale.
Key Points:
1. Financial Performance:
- Gross Profit: Rose by 211% to N933.9 million, up from N300.6 million in H1 2023.
- Turnover: Increased by 73% to N1.66 billion, compared to N957.4 million in the same period last year.
- Cost of Sales: Increased by 10% to N722.8 million.
2. Expenses and Costs:
- Marketing and Distribution Expenses: Reduced by 42% to N263.9 million.
- Administrative Expenses: Decreased by 10% to N261.7 million.
- Finance Costs: Nearly doubled to N293.4 million due to higher interest rates and increased borrowings.
3. Assets and Liabilities:
- Total Assets: Increased to N9.56 billion, up from N8.94 billion at the end of 2023.
- Liabilities: Rose to N7.90 billion, compared to N7.47 billion as of December 31, 2023.
4. Legal and Expansion Efforts:
- The company faces ongoing legal disputes with contingent liabilities amounting to N53 million.
- Neimeth is focusing on strategic expansion plans, particularly at its Oregun plant in Lagos State and investing in youth employment.