Neimeth to increase production capacity by 300 per cent

The Managing Director/ Chief Executive Officer of Neimeth International Pharmaceuticals Plc, Matthew Azoji, has said the company would raise its manufacturing capacity by 300 per cent this year due to an ongoing facility upgrade at its Oregun, Lagos factory.

Speaking at the company’s yearly general meeting in Lagos, on Tuesday, Azoji said the upgrade would increase Neimeth’s turnover and profits.

He said last year, the company announced two expansion projects: to build a new manufacturing plant at Amawbia in Anambra State and a facility upgrade of its Oregun plant. He said the upgrade was near completion while work at the new plant was getting to an advanced stage.

“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.

Also, Neimeth’s Board Chairman, Dr. Ambrosie B. C. Orjiako, said the board was working with the management to ensure that the growth trajectory was sustained.

Orjiako said Neimeth had emerged from an era of constant losses to a period of steady 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 revealed that the company had equally transitioned from non-dividend payment, which lasted for a decade, to consistency in the payment of dividends to shareholders.