Neimeth New CEO Takes Net Profit to N220M


The Board of Neimeth International Pharmaceuticals Plc restructuring which enabled its current Managing Director/CEO,Mathew Adoji  to join the company February 2019 was successful as the new CEO has taken its profit after tax(PAT) to N220million.The above showed that Neimeth recorded a 49per cent increase on the N148million(PAT)it achieved in the 2018 annual result.According to Adoji the interesting thing about the success of the company is that it has begun to record year on year growth in both turn over and profit.According to a release from Neimeth its board is recommending” that the sum of N86,325,333.00 being part of the sum standing to the credit of share premium be capitalised and be used in paying in full 172,650,646 of the unissued ordinary shares in the capital of the company on behalf of shareholders.IT disclosed that the bonus share planned by the board will be in proportion of one new share for every 10 shares already held by shareholders registered at the close of business on Thursday, 17th January, 2019.It should be recalled that the company recovered from loss in 2017 and  in 2018 posted a revenue of N2.269 billion for the year ended September 30, 2018, up from N1.534 billion in 2017. The company ended 2018 with a profit before tax (PBT) of N202 million compared with a loss before tax of N404 million and profit after tax of N184 million in 2018, which is a recovery from a loss of N411 million in 2017.The Chairman of the company, Dr. ABC Orjiako, announced plans to overhaul the corporate structure of the company and  came up with three strategic imperatives to revitalise sales and generate more revenue, reduce costs and optimise efficiency and transform the organisational culture towards a new Neimeth.According to the management of the company, new practices were adopted which contributed to better inventory management, production planning and coordination between manufacturing and sales activities most .Adoji and the board has infused all this in its new five year strategic plan that would take the company to the pinnacle of profitability in the medium term