Neimeth Pharmaceuticals Q1 2014 turnover grows by 40%

Neimeth Pharmaceuticals plc has maintained a profitable outlook as evidenced by its Q1 2014 business year unaudited result with a turnover of N469 million compared with N335 million, a 40 percent growth from the corresponding period the previous year.

This performance also permeated every facet of Neimeth’s operations with Q1 2014 profit after tax (PAT) put at N76 million compared with N29 million at the same period in 2013. This development exceeded the management’s forecast and grew by 162 percent over corresponding quarter of 2013.

While marketing and distribution expenses declined, administrative expenses grew minimally by 3 percent. Also, interest and other similar charges declined commendably by 41 percent in Q1 2014, as against Q1 2013.

Chinenye Okoronkwo, corporate communications manager, Neimeth Pharmaceuticals, says the positive quarterly trend is being driven by innovation, noting that beyond the Q1 result, the company’s competence in research and development (R&D) has seen it introduce innovative products in different healthcare needs, covering anti-hypertensive, anti-malarials and other healthcare and veterinary products in diverse new packaging.

According to her, “FITGAH (Fight the Good Fight against Hypertension), a reversed marketing innovation, is focused on affordability of our key anti-hypertensive products – Amlovar, Miniplus and Normoretic.

“This programme is expected to drive immense patronage and reduce overall cost of hypertension management in all federal, state and local government hospitals in Nigeria.”

She explains that the launch of Pyrantrin choco in December 2013, marked the introduction of an innovative chocolate flavoured variant of its classic deworming agent – Pyrantrin. The product, she points out, is 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.

The growth in Q1 2014 of Nemeith Pharmaceuticals is coming as it plans to introduce two new anti-hypertensive drugs – Norduet (innovative) and Lisinozide, a development that is set to change the face of hypertension management in Nigeria following its distinct active constituents.

In pursuance of upholding its business ethics, Emmanuel Ekunno, managing director/CEO, inaugurated a Code of Conduct and Ethics Committee, charging the committee with the responsibility of defining a broadened perspective and guidelines for the re-enactment of the company’s business conduct and ethics.

Alexander Chiejina