Neimeth International Pharmaceuticals Plc has announced a major leap in its 2024 financial year performance, recording a 103 per cent increase in revenue. The development was revealed during the company’s 66th Annual General Meeting (AGM) held on Monday, June 23, 2025, in Lagos, where shareholders expressed satisfaction with the company’s improved financials and future prospects.
Speaking at the event, the Chairman of the Board, Mr. Christopher Oshiafi, said Neimeth recorded a revenue of ₦4.49 billion for the year ended 2024, compared to ₦2.21 billion posted in 2023. He attributed this achievement to stronger sales volume and deeper market penetration across key pharmaceutical products in Nigeria.
According to Oshiafi, the company achieved a 167 per cent increase in gross profit, which moved from ₦734.07 million in 2023 to ₦1.96 billion in 2024. He noted that despite the tough economic environment during the year, Neimeth’s management made significant strides in improving operational efficiency and strengthening market share.
In a detailed breakdown of the company’s financials, Oshiafi revealed that Neimeth returned to operational profitability with an operating profit of ₦18.89 million, reversing the ₦1.02 billion operating loss recorded in 2023. He said this recovery was largely supported by effective cost containment strategies.
“Marketing and distribution expenses fell by 14 per cent to ₦628.18 million, down from ₦792.38 million in 2023,” he explained. “Also, administrative expenses dropped by 28 per cent, coming down from ₦868.12 million to ₦628.18 million. These reflect the management’s discipline and operational focus.”
However, Oshiafi acknowledged that the company still faced serious macroeconomic pressures, particularly in foreign exchange. He said finance costs rose by 32 per cent to ₦873.32 million, while foreign exchange losses jumped by 41 per cent from ₦1.46 billion to ₦2.05 billion. These costs weighed down the company’s bottom line.
As a result, Neimeth reported a loss before tax of ₦854.43 million and a loss after tax of ₦885.33 million for the 2024 financial year. Still, this was an improvement from the previous year’s loss before tax of ₦1.69 billion and loss after tax of ₦1.80 billion, indicating a narrowing of overall losses.
Also speaking at the AGM, the Managing Director and Chief Executive Officer, Mr. Valentine Okelu, described the 2024 financial year as a turning point for Neimeth. He said the company had started a new growth chapter and was on track to reclaim its position among the leading pharmaceutical firms in the Nigerian market.
“Neimeth experienced a significant recovery in its operations. We are now one of the fastest-growing pharmaceutical companies on the Nigerian Exchange,” Okelu said. “This performance was achieved through efficient cost control, smart marketing, and an effective distribution strategy.”
He further explained that investor confidence was returning, as reflected in the notable rebound in Neimeth’s share price during the year. He added that the management remains committed to unlocking more value for shareholders.
Shareholders present at the AGM commended the board and management team for their efforts in turning the company around. The National Chairman of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, particularly praised the renewed strategy of the company.
Okezie advised the management to maintain the new direction of profitability and ensure that dividend payments resume in the nearest future. He also encouraged the board to explore more opportunities in pharmaceutical manufacturing and expand into new product segments.
According to him, broadening Neimeth’s portfolio would not only boost revenue but would also position the company as a stronger player in Nigeria’s competitive pharmaceutical sector.
Okelu, in response, assured shareholders that the company is already working on new initiatives to strengthen its product range and reach more customers. He said Neimeth remains committed to investing in research and development, as well as improving its production capabilities.
Neimeth’s performance in 2024 signals a new era for the 66-year-old company, which is gradually shaking off years of losses. With improved cost control, rising sales, and a renewed market strategy, the pharmaceutical firm appears ready to restore investor confidence and return to sustained profitability.
