Neimeth announces expansion plans, aims to employ young people

Neimeth Pharmaceuticals Plc said it is embarking on strategic expansion plans, focusing on its Oregun plant in Lagos State and investing in youth employment.

Chairman of Neimeth, Ambrosie Orjioko, disclosed this at the company’s 65th Annual General Meeting held in Lagos State on Thursday.

He noted that the company is set to hire more young people to increase its production and profitability.

“One plan we have is to bring young people and experts to the company, either as employees or as graduate students. By the time our graduate intern program is complete, we will need people to succeed as members of senior management, and the future is brighter than what we had last year. We will also use the Oregun plant to improve our production,” he said.

The Managing Director of Neimeth, Valentine Okelu, stated that the board is looking at options to raise money to complete the company’s factories across the country and launch new products to increase its profitability.

He said, “We have started work on our site and the board is looking at other options to raise more money to complete that plant. We have expanded the Oregun plant and have better facilities there to increase our profitability. We we will be bringing more products in the next three to six months to help fill the gaps.”

He noted that the company will go beyond Ghana and explore other African countries.

He asked the government to review its intervention fund while asking the public to patronize the company’s products to boost its growth.

“The pharmacy sector needs what I always call patient capital. It does not come from individuals who want to invest and get returns. So, the intervention fund that the government was doing, I think they should go back to him. The rest is patronage. You should be able to buy locally made products that also give confidence to other governments; we also need power”, he said.

In his comments, a shareholder identified as Adebayo Adeleke urged the management of the company to focus on delivering higher sales and profits to enable the company return to dividend payments to shareholders

“Last year was turbulent for the company and the business was struggling to survive. A major concern I have is that the company posted a loss of N2.8 billion, and I think there is something fundamental that is wrong. The business has potential, but we have not reached the threshold to break the tie”, said Adeleke.

PUNCH reports that Neimeth Pharmaceuticals Plc is targeting N211 million in profit in financial year 2024, which aims to strengthen the company’s position as a leading healthcare provider in Africa.