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To ensure its growth strategy is sustained, Neimeth International Pharmaceuticals Plc, says it will raise its manufacturing capacity by 300 per cent this year.
This will be the outcome of an ongoing facility upgrade at its Oregun, Lagos factory.
This was made known by the Managing Director/CEO of the Company, Matthew Azoji, at the Annual General Meeting of the Company in Lagos yesterday.
Speaking to shareholders who were excited at its growing prospects Azoji said the capacity upgrade would increase the turnover and profits of Neimeth.
Last year the Company announced a two-pronged expansion programme – to build a new manufacturing plant at Amawbia in Anambra State and a facility upgrade of its Oregun plant.
According to him, the facility upgrade is now nearing completion, while work at the new plant is getting to an advanced stage.
The fortunes of Neimeth took an upward turn since 2018 when it returned to profitablity after nearly a decade of predominantly losses. From a loss of N404.9 million in 2017, the Company made profit of N166.4 million in 2018, N304.4 million in 2019, N297.3 million in 2020 at the upsurge of COVID pandemic and N365.2 million in 2021.
