The Chairman, Neimeth International Pharmaceuticals Plc, Dr Ambrose Orjiako, has assured shareholders of the company of the board and management’s commitment towards the creation of value for them. READ ALSO: Coronavirus: FG Moves To Reduce 2020 Budget
Orjiako stated this at the annual general meeting of the company in Lagos, where he guaranteed shareholders that the directors would not rest until there is a return on investment of shareholders in the company. He also assured the shareholders that they would begin to enjoy dividend in the nearest future.
He stated that the company had in 2019, begun mapping of strategies that were aimed at driving vigorous expansion initiative, while also adding that the Neimeth would carry out a five-year strategic plan to reposition the company to enjoy a large market share in the wider healthcare industry and ensure good returns on investment for the shareholders.
Disclosing the strategic direction for the company between the year 2020 and 2024, the Managing Director, Neimeth International Pharmaceuticals Plc, Matthew Azoji, said the strategic focus of the company in the years ahead is to initiate bold and gradual expansion initiative that would see the company increase its market share in the healthcare industry.
Bringing to the fore the company’s plans in the country and other parts of the continent, Azoji said that a proposed five-year strategic plan would guide the company’s vigorous expansion programme, which includes the upgrade of the company’s factory at Oregun area of Lagos State, as well as the development of new manufacturing facilities and expansion of the company’s marketing drive to Sub-Saharan Africa.
Talking partnership, the MD said that part of the new focus of the company is to collaborate with local and international brand owners in the area of contract manufacturing.
The directors of the company, which began operations in 1957, expressed their determination to grow the turnover of the company to the N4 billion mark in the immediate future.
On their part, the shareholders approved the balance sheet restructuring that enables the company to offset accumulated losses with reserves, thereby putting the company on track to declare dividend from current net earnings.