Neimeth International Pharmaceuticals Plc (Neimeth) has said that it plans to boost its turnover to N5 billion in 2024, over 127.7 per cent up from N2.2 billion in 2023, with an expected profit of N211 million.
The company revealed that it would leverage growth potential of Nigeria’s pharmaceutical industry projected to worth $1.7 billion by 2024 to position itself as a leading healthcare provider in Africa.
The Managing Director/CEO, Neimeth, Valentine Okelu announced this at the company’s 65th Annual General Meeting in Lagos. He emphasized that these ambitious targets are a strategic move to enhance Neimeth’s position as a leading healthcare provider in Africa. “We have planned to move the company on a severe growth trajectory. For instance, for 2024, we plan to deliver N5bn revenue. We are looking at delivering N211m as profit, and if we stretch it up to 2028 to 2029, we are projecting N700m in profits,” he stated.
Okelu noted that despite the operational challenges of 2023, Neimeth remains committed to its growth objectives. The company has increased its production capacity to meet market demand, recently upgrading its Oregun, Lagos factory, which has boosted installed capacity by about 300 percent. “After our factory upgrade, we are now working on capacity upgrade to overcome the challenges of meeting customer demands,” he said.
In line with this positive projection the company recorded a turnover of N771m for the three months period ended 31st December 2023. This represents the highest sales revenue achieved in a single quarter for the year and a growth of 39 per cent over quarter three (Q3). Compared to the earlier quarters of the year, it also represents 64 per cent and 58 per cent growth over the revenues achieved in Q2 and Q1 respectively.
Okelu affirmed the company’s commitment to driving sales to a level where losses are minimized, and profits are realized in 2024.
He remained optimistic about the viability of pharmaceutical manufacturing in Nigeria, citing the industry’s projected annual growth rate of 8.08 percent and a significant potential for Neimeth to capitalize on this expansion.
At the AGM, shareholders encouraged the management of the company to be focused on delivering higher sales and profits so as to enable her return to dividend payment to shareholders.