The company’s turnover for the half-year ended June 30, surged by 73 per cent to N1.66bn, compared to N957.4m in H1 2023, driven by increased sales volumes and effective pricing strategies across its product lines.
Cost of sales increased by 10 per cent to N722.8m, from N656.8m in the first half of the prior year.
Other income for Neimeth declined by nine per cent to N83.3m, from N91.4m in the previous year, on the back of lower non-core income sources.
The pharmaceutical firm cut marketing and distribution expenses by 42 per cent to N263.9m and administrative expenses by 10 per cent to N261.7m.
Finance costs for the half-year almost doubled, increasing by 138 per cent to N293.4m, up from N123.2m in H1 2023. This increase was mainly due to higher interest rates on borrowings and increased financing activities.
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