The board of directors of Neimeth International Pharmaceuticals plc yesterday at the company’s 56th Annual General Meeting assured shareholders of its readiness to return the company into profitability.
Shareholders at the meeting received report of the directors, statement of financial position of the company as at September 30, 2014 together with statement of comprehensive income for the year ended on that date, and reports of the auditors and audit committee.
Neimeth reported 19 percent decline in turnover from year-ended September 30, 2013 level of N2.016bn to N1.628bn in year-ended September 30, 2014.\
The company recorded a Loss Before Tax (LBT) of N198m, a decline of 209 percent from Profit Before Tax (PBT) of N182.135m in the preceding year 2013. Loss After Tax (LAT) at N228.5m, represented a decline of 251 percent against Profit After Tax (PAT) of N151.496m in 2013.
During the year 2014 capital investment was made on Neimeth International Pharmaceuticals plc manufacturing plant upgrade to the World Health Organisation (WHO) specification. Analysts believe the plant will provide expanded capabilities for contract manufacturing and tolling opportunities.
A.B.C Orjiako, chairman, Neimeth International Pharmaceuticals plc, told shareholders that, “A lot of work need to be done to recover from the 2014 shortfall, achieve or even surpass the 2015 budget benchmark and do all that is needful to return our company to profitability.”
He said, “This is a duty we owe our stakeholders and nothing short of this is acceptable. For this, we would do all that is possible to restore your confidence and return on investment.”
Emmanuel Ekunno, managing director, Neimeth International Pharmaceuticals plc, told shareholders that the company will ensure strong marketing footprint for an envisaged organic growth.
He stated that marketing will focus on increased market share drive, high level awareness and demand generation in 2015. He informed the shareholders that imported finished pharmaceuticals have been positioned to leverage business in 2015.
The key drivers are ACTs, analgesics and ncp (Liquid Antiseptic). His words, “our ambition very quarter for the next 10 quarters is bring sustained with the recent launch of Co-Amoxiclav (antibiotics) + Norduet – a novel antihypertensive.”
The company is also working on other products which are at different levels of research and development (R&D) in relevant therapeutic segments.
Boniface Okezie, chairman, Progressive Shareholders Association of Nigeria (PSAN), said shareholders understand that the board of Neimeth International Pharmaceuticals plc needs to stabilize the company before paying dividend. “We have a lot of good products from this company. I know tomorrow will be better for we shareholders of Neimeth International Pharmaceuticals plc”, he added.
