Neimeth net profit rose by 94% in Q1

Godfrey Ohuabunwa

Neimeth international pharmaceutical plc in its financial reporting for fist quarter 2017 posted NGN601.4 million turnover compared to NGN7867.6 million posted same period 2016.

Its costs of sales for the period was NGN259.1 million against NGN.7 million in the previous year.

The pharmaceutical company said it’s gross profit dragged by to NGN342.8 million compared to NGN499.8 million recorded in the year 2016. It’s operating loss for the period was NGN148.7 million compared to NGN135.8 million profit recorded in the fiscal year 2016.

Neimeth reported NGN195.2 million loss before taxation in Q1 against NGN100.4 million profit reported in the previous year.

After removing its tax expenses for the period,  its profit for the year rose by 94% to NGN195.2 million against NGN100.4 million profit recorded in the year before.

Neimeth international pharmaceutical plc said it acquired NGN2.5 billion assets in the year in review against NGN2.6 billion acquired the year 2016 while it’s total liabilities was NGN1.5 billion versus NGN1.4 billion recorded in the year before.

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