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Neimeth Pharmaceuticals reports loss of raw materials to inferno

The Management of Neimeth Pharmaceuticals Plc has said an entire stock of raw materials at the company’s warehouse were destroyed by a fire incident which occurred at the facility on Tuesday 7th March.

The company in a statement filed with the Nigerian Stock Exchange on Monday 13th March, stated that “The Company experienced an inferno which affected a section of the Manufacturing plant specifically the Raw Materials Warehouse on Billings Way Oregun, Lagos.”

According to the statement signed by Head Corporate Affairs/ General Service O.E Nwaka, the incident occurred at about 3am on Tuesday 7thMarch 2017 and was brought under control by a combined team of Lagos state fire Service and LASEMA.

Although the inferno was limited to the company’s warehouse, it consumed the entire stock of raw materials in the facility” it said
The company however noted that efforts are being intensified to ensure that the incident does not in any way jeopardize the operations of the company

Neimeth Pharmaceuticals Plc is one of the top health sector companies listed on the Nigerian Stock Exchange.
For the First Half of 2016, Neimeth International Pharmaceuticals Plc declared a profit of N116.7 million, improving its bottom line by over 300 percent from a loss of N56.7 million declared in the first half of 2015.
The company’s share price has however remained flat, recording a slight change of 2 kobo from 69 kobo to 67 kobo in the one week of the incidence.

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Ihesiulo Grace

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