Kelechukwu Mgboji 
Neimeth Internation – al Pharmaceuticals Plc has delivered an impressive turnaround, doubling its revenue and reversing operational losses, despite facing foreign exchange headwinds.
Speaking at a stakeholder briefing, the company’s MD/CEO, Valentine Okelu, outlined strategic investments in manufacturing, market expansion, and research and development aimed at positioning Neimeth as a dominant pharmaceutical force in Africa.
Since assuming leadership in August 2023, Okelu and his team have aggressively pursued growth initiatives that have propelled Neimeth into one of the fastest-growing pharmaceutical firms quoted on the Nigerian Exchange.
The company’s revenue surged by a staggering 102 per cent, soaring from N2.2 billion in 2023 to N12.5 billion in 2024.
Gross profit followed suit, climbing 170 per cent, while a N1.3 billion loss in 2023 transformed into a N338.5 million operating profit, marking a 126 per cent improvement.
Okelu credited this performance to cost efficiency and an optimized route-tomarket strategy, which saw marketing and distribution expenses slashed from N792.3 million to N578.7 million and administrative costs reduced from N868 million to N558 million.
However, the company was not immune to macroeconomic pressures, suffering a N3 billion foreign exchange loss, which resulted in a pre-tax loss of N1.69 billion.
