Neimeth Director Onyechi Sells 20 Million Shares After Company Declared Loss

The Managing Director/Chief Executive Officer of Alpha Pharmacy Ltd., Sir. Ikechukwu Onyechi, has sold 20 million units of shares held in Neimeth Pharmaceutical Plc after the company declared loss in 2023.

Onyechi offloaded the shares in six different days at a price of N1.98 per share, the company said in a filing seen by THE WHISTLER.

Onyechi is a Non-Executive Director of Neimeth.

Neimeth saw a 36 per cent plunge in revenue from N3.5bn recorded in 2022 to N2.2bn in 2023 with finance cost rising by 198 per cent from N187.9bn recorded in 2022 to N560.9bn by the end of 2023.

The company’s financial statement for 2023 analysed by THE WHISTLER showed that the company’s revenue from pharmaceutical products dropped from N3.36bn in 2022 to N2.1bn in 2023.

Revenue from animal health grew from N93.8m in 2022 to N142.8m in 2023.

The company declared pre-tax loss of N1.1bn in 2023.

The drug maker suffered a foreign exchange loss of N1.4bn which was induced by the naira devaluation introduced by the Central Bank of Nigeria on June 14, 2023.

Many Nigerian companies suffered a similar fate as over N600bn were lost by Nigerian companies following the foreign exchange policy of the apex bank.

In 2023, Neimeth declared a loss after tax of N2.58bn which is 13,581 per cent down from the N19.1m recorded in 2022.