Prime Business AfricaOver N1.20 billion was recorded as revenue by Neimeth International Pharmaceuticals Plc in the first quarter (Q1) of 2025, exceeding the N648.25 million turnover reported in Q1 2024, reflecting an increase of 86 percent.
However, the cost of sales increased threefold or 296 percent to N566.55 million in Q1 2025, against the production costs of N143.14 million recorded in the corresponding period last year.
Join our WhatsApp ChannelAs a result, the costs of production gulped 46.96 percent in the first quarter of this year, up from the 22.08 percent gulped in 2024.
Although Neimeth ended the reviewed period with a 27 percent year-on-year increase in gross profit, which rose from N505.11 million to N639.71 million.
Also, other income increased significantly by 374 percent to N152.40 million in the first quarter of 2025, higher than the N32.12 million reported in Q1 2024.
Similarly, operating profit increased threefold or 114 percent in Q1 of this year, as the company recorded N449,86 million, compared to the N210,14 million posted during the corresponding period last year.
Neimeth also reported that finance costs grew to N334.11 million during the reviewed period, against the N132.48 million reported in Q1 2024, indicating an increase of 152 percent.
Furthermore, profit before tax (PBT) increased by 49 percent year-on-year from N77,65 million to N115,75 million, while the company did not record any tax for the period.
In addition, Neimeth’s total assets grew from N11.98 billion in Q1 2024 to N12.41 billion in Q1 2025, reflecting an increase of 3.54 percent, and total liabilities increased by 2.99 percent during the same period from N10.33 billion to N10.64 billion.
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