Neimeth Soars by 21% on Renew Interest in Pharma Stocks
Neimeth Plc soared by about 21% on the back of renewed interest in pharmaceutical stocks despite Nigerian Exchange, NGX, negative performance. In the market, the company stock price climbed to N3 as investors sentiment improved, trading sharply against the local bourse direction.
According to data from the Nigerian bourse, the company’s market value increased by 20.5% week on week to close at N12.819 billion, spread over its 4.273 billion shares outstanding.
At its latest market value, Neimeth Plc trades at fair discount to its 52-week high in the local bourse. The pharmaceutical company earnings disappointed in the financial year 2024.
Though, Neimeth posted net loss, the amount moderated year on year by 38%. Details from its unaudited financial statement for 2024 revealed net loss declined to N1.699 billion from N2.757 billion in the comparable period in 2023.
This happened as Neimeth announced 102% year on year revenue growth, settling at N4.468 billion from N2.209 billion in the comparable period in 2023.
The pharmaceutical earnings performance was damaged by exchange rate loss due to foreign currency exposures of the company. FX losses rose 140% year on year from N1.45 billion in 2023 to N2.037 billion in 2024.
The company told the Nigerian Exchange that the audited version of its financial statement will be delayed as Neimeth changed its accounting policies and ongoing reconciliation of its dollarised letter of credit with its bankers. #Neimeth Soars by 21% on Renew Interest in Pharma Stocks#
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