Neimeth International Pharmaceuticals Plc has continued to improve its market share in the highly competitive healthcare sector even as profit before tax (PBT) jumped by 82.9 per cent from N166.46 million in 2017/2018 to N304.44 million for the immediate past financial year.
Full-year audited report and accounts for the 2018/2019 financial year and the first quarter results for the current financial year which began October 1, 2019 showed that the company sustained impressive growth in both sales and profitability. The audited report and accounts of Neimeth International Pharmaceuticals for the year ended September 30, 2019 showed it recorded modest growth in sales, but considerable improvement in operating efficiency which boosted its profitability.
According to the report, the company’s profit after tax (PAT) increased by 48.7 per cent from N148.02 million to N220.15 million for the two periods respectively while earnings per share (EPS) rose by 50 per cent to 12 kobo in 2019 as against 8.0 kobo in 2018.
Meanwhile administrative expenses dropped by N168 million from N543 million for 2017/2018 financial year to N375 million for 2018/2019 business year, representing a 30.9 per cent decrease in administrative expenses during the period, thus growing operating profit by 47.9 per cent to N413.38 million in 2019 as against N279.42 million in 2018.