Posted by By Jerome Ushakang and Eromosele Abiodun on
Neimeth International Pharmaceuticals Plc has recorded N39.2 million profit growth, representing 66.2 per cent for the financial year ended March 31, 2005.
Neimeth International Pharmaceuticals Plc has recorded N39.2 million profit growth, representing 66.2 per cent for the financial year ended March 31, 2005.
The audited results of the company published by the Nigerian Stock Exchange (NSE) showed a profit after tax of N98.4 million, in contrast to N59.2 million in year 2004, while turnover rose by N2 million or 20 per cent, from N1.0 billion in year 2004 to N1.2 billion in year 2005.
Meanwhile, the directors of the company are recommending for approval a dividend of 20 per share and a bonus issue of one new share for every five held by members.
The Vice President, Human and Corporate Resources of Neimeth, Alhaji Z. K Momodu in a statement, said that the management was geared towards improved returns on investments to shareholders.
He added that the improved results of the company was an indication that there has been deliberate and sustained focus on profitability by management over the years.
The vice president explained that the good performance is a direct fallout of the strategic business restructuring carried out by the company a year ago.
He added that this enabled it to give more attention to areas of strength, while developing other promising areas locally and in the West African region (ECOWAS).
He said: "Niche areas have been grown, product marker shares expanded and healthcare solution programmes put in place to benefit the masses."
Momodu disclosed that the company was now prepared to enter its next strategic development phase of consolidation and expansion to harness new opportunities inherent in economic and healthcare policies of government.
To achieve this set good, the company is planning to recapitalise through public offer within the year after the approval of shareholder.