Neimeth Plans To Triple Its Production Capacity

Neimeth Plans To Triple Its Production Capacity
Neimeth Plans To Triple Its Production Capacity

Matthew Azoji, Managing Director/CEO of Neimeth International Pharmaceuticals Plc, has stated that the company’s manufacturing capacity will be increased by 300 percent this year as a result of an ongoing facility upgrade at its Oregun, Lagos factory.

Azoji stated at the company’s annual general meeting in Lagos on Tuesday that the upgrade would increase Neimeth’s turnover and profits.

He stated that the company announced two expansion projects last year: the construction of a new manufacturing plant in Amawbia, Anambra State, and the upgrade of its Oregun plant. He stated that the upgrade was nearing completion, while work on the new plant was nearing completion.

“Neimeth’s fortunes have improved since 2018, when it turned a profit after nearly a decade of losses.” From a loss of N404.9 million in 2017, the company earned N166.4 million in 2018, N304.4 million in 2019, N297.3 million in 2020 due to the 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.

Orjiako stated that Neimeth had transitioned from a period of constant losses to one of consistent growth in both turnover and profitability.

“In 2019, the MD/CEO, Mr. Matthew Azoji, was named among Nigeria’s top 25 CEOs as a result of his achievements,” he said.

In 2021, the company was recognized as the Best Performing Stock (Healthcare) in the Nigerian capital market by the Nigerian Investor Value Awards for the value it created for shareholders through capital gains…”

He revealed that the company had transitioned from a decade of non-dividend payments to a consistent payment of dividends to shareholders.