Neimeth International Pharmaceutical Plc has recorded a substantial growth for the financial year ended March 31, 2011, as its profit rose to N113.08 million.
This is in contrast with loss after tax of N126.13 million posted in the comparative period of 2010.
The company result submitted to Nigerian Stock Exchange(NSE) further showed that its turnover rose to N1.898 billion, indicating a growth rate of N8million or 0.43 per cent when compared to N1.890 billion recorded in the corresponding period of 2010.
The net assets value of the company stood at N1.009 billion compared to N950.74 million recorded in the preceding year.
?Board of directors of the company recommended a dividend? payout of? five kobo? per share held by investors.
The company had earlier predicted that its turnover would grow to N2.058 billion at the end of its fourth quarter which ended in March this year.
It also expected that its profit before tax would increase to N145.295 million while it planned to increase its profit after tax to N95.8 million.
However, the company with its divestment could enjoy the flexibility to develop new alliances with other international companies to increase its product portfolio, establish new business opportunities, as well as develop its own brand of generic products to meet local healthcare needs.
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