MATTHEW Azoji, Managing Director/CEO of Neimeth International Pharmaceuticals Plc, has stated that the firm will increase its manufacturing capacity by 300 percent this year as a result of a facility renovation at its Oregun, Lagos location.
Azoji said the improvement would increase Neimeth’s turnover and profitability at the company’s annual general meeting in Lagos on Tuesday.
The company launched two development projects last year, he said: a new manufacturing factory in Amawbia, Anambra State, and a facility improvement at its Oregun unit.
He stated that the improvement was nearing completion, while work on the new facility was nearing completion.
“Neimeth’s fortunes have taken an upward turn since 2018 when it made a profit after nearly a decade of losses. From a loss of N404.9 million in 2017, the company made a profit of N166.4 million in 2018, N304.4 million in 2019, N297.3 million in 2020 at the upsurge of COVID pandemic and N365.2 million in 2021,” he said.
Dr. Ambrosie B. C. Orjiako, Chairman of Neimeth’s Board of Directors, also stated that the board was working with management to ensure that the company’s growth trajectory was maintained.
Neimeth, according to Orjiako, has transitioned from a phase of continual losses to one of consistent growth in both turnover and profitability.
He said: “In 2019, the MD/CEO, Mr. Matthew Azoji, was named among Nigeria’s top 25 CEOs on account of the wealth creation ability of the company.
“And in 2021, the company was rewarded with the award of the Nigerian Investor Value Awards as the Best Performing Stock (Healthcare) in the Nigerian capital market on account of the value it created for shareholders through capital gains…”
He also announced that the corporation had made the transition from a decade of non-dividend payments to consistent dividend payments to shareholders.
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