• Saturday, July 20, 2024
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Neimeth declares Q1 results, profit grows 162 percent


Following from Neimeth’s recent performance,  the company has maintained a profitable outlook as  evidenced by her Q1 2014 Business year unaudited result with a turnover of N469m compared to  N335m, and 40 percent strong growth for the corresponding period the previous year.

This impressive performance also permeated every aspect of her  operations. Marketing and Distribution expenses declined  while  Administrative  expenses grew minimally by 3 percent.

Interest and other similar charges declined commendably by an   impressive 41% in Q1 2014 as against Q1 2013.

The Q1 2014 Profit After Tax(PAT) at N76m compared to N29m at the same  period in 2013 exceeded Management’s forecast and grew  by 162 percent over  corresponding quarter of  2013.
This sustained positive quarterly trend is being driven by innovation.

“Beyond the Q1 Result, Neimeth’s strong competence in R & D will see us  introducing innovative products in different healthcare needs covering  anti-hypertensives, antimalarials and other healthcare and veterinary products in diverse new packaging. FITGAH  (Fight the Good Fight Against Hypertension), a reversed marketing  innovation that is  focused on affordability of our key antihypertensive  products- Amlovar, Miniplus and

Normoretic.This programme is expected to  drive immense patronage and reduce overall  cost of hypertension  management in all Federal , tertiary and rural hospitals in Nigeria,” Niemeth said in a statement.
Beyond the above, the launch of Pyrantrin  choco in December, 2013 also  marked the introduction of an innovative chocolate flavoured variant of  Niemeth’s deworming agent- Pyrantrin.

The product was introduced to give consumers flexibility of choice and promote children compliance, and is also the end-product of years of intensive and dedicated R & D  with innovative slant.

Very soon, two new  antihypertensives, Norduet (innovative) and  Lisinozide will be introduced to change the face of hypertension  management in Nigeria.Norduet has distinct active constituents that is
the first of its kind in Nigeria.  With all positive indices in place,  the company envisages a good quarterly  closure in 2014.