Neimeth Hits 52-Week High as Investors Hunt for Pharma Stock
Neimeth International Pharmaceutical Plc experienced a valuation surge in the equities segment of the Nigerian Exchange (NGX) due to demand for pharma shares. Data showed that Neimeth was second on the top performer chart in the local bourse last week as pharma stock got popular among value hunting investors.
According to data from the Nigerian bourse, Neimeth share price inched higher from N1.90 to N2.76 on Friday—the best price its attained in the last 12 months. This lifted the market value of the company’s 4.273 billion shares outstanding to N11.793 billion.
Investors seeking to diversify and enhance their stock portfolio increased their bets on pharma stocks last week in the equities market on expectation of better earnings. Following the exit of GSK, imported drugs and other pharmaceutical products have surged significantly due to the naira fluctuation. This has given Neimeth an added advantage to close the gap created by GSK exit.
The increased earnings capacity is reflected in its financial statement in the third quarter of 2024. Neimeth more than doubled down its turnover in nine-month period in the financial year 2024, according to an unaudited report filed with the regulator.
Its turnover grew by 105% year on year from N1.51 billion in 9-month of the 2023 financial year to N3.093 billion at the end of 9-month of financial year 2024 results.
The strong top-line performance boosted the pharmaceutical company’s bottom line, which had settled negative. Neimeth was able to declare N310.5 million as net profit in the period, as against net loss of more than N572 million in the comparable period in 2023.
Neimeth operates in manufacturing, marketing, and distributing Pfizer brands of pharmaceutical and veterinary products. # Neimeth Hits 52-Week High over Pharma Stocks Hunting 2025 Budget: N13trn Deficit to be Financed Through Borrowing – Edun
