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Neimeth’s 2019 profit up by 48.7%

Neimeth’s 2019 profit up by 48.7%

Neimeth International Pharmaceuticals Limited has recorded a Profit After Tax (PAT) of N220.147 million for the financial year ended 30th September 2019.

This indicates a leap of 48.73% over the figure declared by the firm in the corresponding period of 2018, which stood at N140.016 million.

These, together with the details of other Key Performance Indicators, are contained in the company’s FY 2019 financial statements posted on the Nigerian Stock Exchange (NSE) website on Monday.

Turnover climbed up marginally by 4.51% from the N2.269 billion recorded at FY 2018 to the N2.371 billion recorded in the same period in 2019.

Profit Before Tax (PBT) recorded a steep surge, rising from the N166.460 million posted at FY 2018 to N304.439 million, an 82.9% increase.

Read also: Nigeria’s merchandise trade rises by 6.85% in Q3 2019

Apart from the positive growth in turnover, increase in PAT was buoyed by significant slash in Administrative Expenses and Finance Costs.

Neimeth’s administrative expenses fell from N542.963 million in 2018 to N375.205 million in the period under review, translating to 30.90% drop. It is an affirmation of the firm’s capacity to improve its operational efficiency by cutting down the cost of running business dramatically despite a notable increase in the volume of sales.

Its finance costs dipped marginally by 3.56% from the N112.959 million recorded at FY 2018 to N108.942 million posted in the corresponding period of 2019.

Earnings Per Share (EPS) gained 50%, rising to 12 kobo at FY 2019, up from 8 kobo at FY 2019.

Earnings Per Share is the profit that each unit of a company’s ordinary shares yields during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares. Increase in a company’s EPS often reflects improvement in its bottom-line while a fall, on the other hand indicates a declining profit.

Neimeth currently trades on the floor of the NSE at N0.57 per share.

Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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