Neimeth 2018 financial year which ended 30th September reflects an improvement in major key financial indicators; starting with a 47.91% growth in revenue year on year. A corresponding increase in operating and direct costs were expected however a non-complementary increase in the cost of sales suppressed the gross profit margin to 51.9%.
Operating expenses were managed and reduced by 30.18% Y/Y. One-off gains such as other income increased by 247% while foreign exchange translation reduced by 92% Y/Y. The operating profit of the company had a positive relief as it moved from a loss of (320,653,000) The 2017 year end to a 278,908,000 profit in 2018.
While the finance cost expense of the company reduced by 9.3% the company made a profit after tax of 184,035,000 as against the loss witnessed in the previous year.
Both the liquidity and solvency positions of the company improved during the year.
The Cashflows generated from operating activities increased tremendously this financial year as the cash receipts from customers represents 99% of revenue generated. However, the company invested more in its non-current assets as well as financing its liabilities which include leases.
BONUS SHARES
A 1 for 10 shares held representing 172,650,646 (Total) units of shares will be issued as bonus shares to existing shareholders of the company. The cut off period for this will be the close of business on Thursday, 17th January, 2019.
Example: A holder of 10,000 units of Neimeth gets 1000 units bonus shares. Thus, using share price as at 20th December of 79kobo, the shareholder’s value
increases by N790 (which could be sold for cash or retained for further capital appreciation).
