NEIMETH DECLARES 2012/2013 RESULTS, PROFIT JUMPS BY 451%neimethpharma
Neimeth Int’l Pharm PLC has fulfilled her pledge to shareholders to return the business to profitability. The pledge which was made at the 2012 AGM has yielded positive results. For the year ended 30th September 2013, the company recorded a turnover of N2,017b as against N1,519b (adjusted to 12 months) in 2012, showing a growth indices of 33%.
In line with the company’s conscious determination to reduce overall operating cost by 25%, Administrative expenses recorded a 6% reduction at N474,042m compared to N506m in 2012.
With top line revenue of N2,017B and cost of goods at N959m, cost of selling activities N416m, the company showed an impressive gross margin of N642m, a growthof 21% over 2012’s N529m (adjusted to 12 months).The company’s rework of its financing architecture also reduced Finance cost to N56m, a remarkable reduction of 37% over N90m (adjusted to 12 months) incurred in 2012.
Profit Before Tax (PBT) showed a significant growth of 451% , N183m, against N52m in 2012.
Neimeth’s 33% growth in Turnover in 2013 aptly shows that the company is on the path to recovery.
Corporate Communications Manager