Posted by By Eromosele Abiodun on
Neimeth International Pharmaceutical Plc has posted a N24.86 million profit in the first quarter of it's current trading year, compared with N12.58 million posted in the same period last year.
Neimeth International Pharmaceutical Plc has posted a N24.86 million profit in the first quarter of it's current trading year, compared with N12.58 million posted in the same period last year.
A statement by the Nigerian Stock Exchange (NSE), indicates a quantum leap in profit by 98 per cent over last year which itself was thought to have been a record performance.
It will be recalled that in the last business year ended March 31, 2005, the company recorded a phenomenal profit before tax growth of 72 per cent over 2004 performance of N89.12 million.
This translated to a cumulative five year profit growth of 411 per cent.
This years 98 per cent profit before tax growth for first quarter derives from a performance of N24.86 million as against the profit before tax of N12.58 million last year. The turnover of the company for the quarter represents 11 per cent on a performance of N300.22 million as against N269.87 million last year.
Analyst said this sustained leveraging of profitability is a clear indication of the success of the company's ongoing focus on strategic cost management and orientation on due diligence for operational efficiency.
With the expected volume increase in the second quarter, the company's management said it is poised to continue her industry record breaking performance on all indicators in to the second half with plans to expand product portfolio. The company is also expected to take positive steps to actualise the mandate given by shareholders at the last annual general meeting (AGM), to raise funds from the capital market for business development and expansion.