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Neimeth Suffers N2bn FX Loss, Records 50% Decline In Loss After Tax

May 28, 2025
by
Strong Topline, FX Gain Help Neimeth Return To Profitability

Neimeth International Pharmaceuticals Plc grew its top line by triple-digits or 102.98 percent in 2024, after generating N4.48 billion, surpassing the N2.20 billion turnover recorded in 2023.

According to the company’s financial statements for the year ending December 31, 2024, Neimeth spent N2.52 billion to produce its products, compared to the N1.47 billion cost of production filed in 2023.

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The 71.28 percent increase in cost of sales left Neimeth with N1.95 billion gross profit, up by 166.69 percent year-on-year, from N734.07 million.

Other operating income increased marginally by 4.60 percent to N1.41 billion in 2024, from N1.35 billion, while foreign exchange (FX) loss rose by 41.17 percent year-on-year from N1.45 billion to N2.04 billion.

However, Neimeth exited the operating loss of N1.02 billion reported in 2023 as it recorded N18.88 million operating profit last year.

The drug producer’s bottom line was, however, affected by a 30.74 percent increase in finance cost, which increased from N667.94 million in 2023 to N873.32 million in 2024.

As a result, Neimeth recorded N854.43 million loss before tax (LBT) for the period under review, but it fell below the N1.68 billion reported in 2023, reflecting a 49.43 percent decrease.

Following the decline in LBT, Neimeth paid N30.89 million as income tax for last year, compared to the N107.88 million filed as tax charge in 2023.

Despite the 71.35 percent drop in income tax, Neimeth reported N885.33 million loss after tax, but recorded a 50.74 percent decline compared to the N1.79 billion loss after tax reported in 2023.

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