Neimeth to Pay Shareholders Dividends March 12

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By Dipo Olowookere

Shareholders of Neimeth International Pharmaceuticals Plc will have their dividends paid to their bank accounts on Friday, March 12, 2021, the firm has said.

The cash reward is for the accounting year ended September 30, 2020, and the amount to be paid is 6.5 kobo for each share of the company with investors.

In a notice to the Nigerian Stock Exchange (NSE), Neimeth disclosed that the money would be paid only to shareholders whose names appear in the register of members as at the close of business on February 23, 2021.

The dividend, which is subject to appropriate withholding tax, will have to be approved by shareholders at the Annual General Meeting (AGM) of the company slated for Tuesday, March 9, 2021, at the NECA House in Ikeja, Lagos, by 11:00am.

But from February 23, 2021, to February 28, 2021, the register of members would be closed, the disclosure from the organisation stated.

Shareholders who are yet to complete their e-dividend registration have been urged to do so to allow the registrar, Meristem Registrars and Probate Services Limited, prepare their payments.

Business Post reports that in the financial year under review, Neimeth grew its turnover to N2.8 billion from N2.4 billion a year earlier, while the gross profit appreciated to N1.5 billion from N1.2 billion.

The firm said its marketing and distribution expenses increased in the period to N505.1 million from N377.2 million just as the administrative costs rose to N452.3 million from N375.2 million.

However, the operating profit went down to N393.3 million from N413.4 million, while the finance costs reduced to N95.9 million from N108.9 million.

The profit before tax of the organisation reduced in the 2020 fiscal year to N297.4 million from N304.4 million, while the profit after tax fell to N212.5 million from N220.2 million.

On Tuesday, as at press time, the share price of Neimeth was down by 2 kobo or 0.90 per cent to N2.21 per unit.

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