Neimeth International Pharmaceuticals Plc has reported a 120 per cent surge in revenue and profitability for the nine months of January to September 2025.

According to its interim financial results filed with the Nigerian Exchange Limited, Neimeth’s revenue grew to N5.01bn from N3.09bn in the corresponding period of 2024, a 62 per cent jump.

Increased sales revenue also led to a 71 per cent increase in gross profit, which stood at N2.49bn. The growth in operating profit before finance costs is even more remarkable, reaching N1.66bn.

Despite the phenomenal growth in sales revenue, the company was able to manage costs. Marketing and distribution expenses grew only by 6 per cent from N412.7m to N437.4m. The company’s administrative costs grew by 67 per cent despite a high inflationary trend and high cost of foreign exchange during the business period.

However, a 198 per cent rise in finance costs from N442.7m to N1.3bn negatively affected the bottom line. Despite these high financing impediments, net profit for the period grew by nine per cent to N339.8m compared to N310.4m in the prior year.

The company’s balance sheet indicates continued growth. During the review period, total assets of Neimeth grew to N13.35bn, an increase from N11.99bn at the end of December 2024. Total liabilities also increased to N11.35bn from N10.34bn.

Consequently, net assets improved by 21 per cent to N1.99bn, up from N1.65bn at the start of the period, reflecting the profit generated during the year.

The company’s equity base was strengthened by its profitability during the period. Starting with an opening equity of N1.65bn, the addition of the N339.8m profit for the period brought the total equity to N1.99bn as of 30 September 2025. Earnings Per Share for the period stood at 7.95 kobo, up from 7.27 kobo in the prior year.

Following the steps of its performance in operations and profitability, Neimeth International Pharmaceuticals Plc’s share price has seen a major rebound in 2025 as investors reassessed the company on the basis of emerging results.

The new 15 per cent import duty on petrol approved by President Bola Tinubu has triggered concern among Nigerians, with analysts and labour union officials warning on Friday that the measure could drive fuel prices higher and worsen the nation’s cost-of-living crisis, describing it as anti-people.

The directive, contained in an October 21 letter to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, orders the immediate enforcement of the new tariff.

Early government projections show that the duty could increase the landing cost of petrol by about N99.72 per litre, pushing pump prices in Lagos to around N964.72. For millions of Nigerians already struggling with high food prices, transportation costs, and unstable electricity, another rise in fuel prices could make daily life even harder.

The government says the duty is part of broader efforts to boost revenue, but critics who spoke with Saturday PUNCH argue that it will hit low-income earners the hardest and deepen inflation in a country where fuel costs influence nearly every part of the economy.

Former Chief Economist of Zenith Bank, Marcel Okeke, said the tariff could set off a new wave of cost-push inflation where rising input costs lead to higher prices across the economy.

“What we’ll likely see from this 15 per cent duty is inflation driven by costs. The government says it wants to protect local refiners, but the truth is, we have almost none. Only Dangote has managed to survive, and even he has complained of sabotage,” Okeke said.

He argued that the government should focus on incentivising local refining rather than penalising importers. “For a crude-rich nation like Nigeria, continuing to import petrol is an economic anomaly. It drains foreign exchange, weakens the naira, and keeps domestic prices tied to global oil volatility,” he said.

“We should be creating an environment where local refiners thrive through incentives, tax relief, and better infrastructure, not by imposing duties that distort the market.”

Assistant Secretary-General of the Nigeria Labour Congress, Chris Onyeka, described the new duty as “anti-people” and accused the government of using protectionist rhetoric to justify a policy that ultimately favours the Dangote Refinery.

While the $20bn Dangote Refinery is Nigeria’s only large-scale operational refinery, the country also has several state-owned plants under rehabilitation and a few small modular refineries in limited operation.

“Many people don’t understand what is going on. They say they want to protect domestic refineries. From who?” Onyeka asked.

“Public refineries are not working, and Dangote Refinery itself operates within an export processing zone and is not bound by Nigerian laws. If we’re talking about public refineries, those are dead. Or do they mean the small, illegal refineries in the creeks?”

The labour leader claimed the policy was designed to give Dangote an unfair advantage in the domestic market.

“Dangote uses cheap Nigerian labour, refines locally, sells in naira, and saves on logistics. Yet imported petrol, refined abroad at higher costs, still lands cheaper. So who exactly are we protecting?” he asked.

Onyeka warned that the duty would inevitably be passed on to consumers, compounding inflation and increasing hardship.

“Once importers pay duties, they add it to their cost, and the burden shifts to ordinary Nigerians,” he said. “There’s no real alternative; gas is expensive, electricity is unreliable, and the fallback is firewood. That’s not how to build a modern economy.”

He also accused the administration of paving the way for a monopoly. “Dangote did it with sugar and salt, and now it’s the same story with fuel. We warned that once his refinery becomes operational, public refineries would be sidelined, and that’s what’s happening now,” he said.

The Nigerian Exchange Limited is on a mission to enhance market inclusion and transparency within the Islamic finance sector.

This, according to a press statement sent to PUNCH Online by the NGX on Friday, reaffirming its leadership position at the recently concluded 7th African International Conference on Islamic Finance.

At the conference, the statement quoted the Group Chairman of the Nigerian Exchange Group, Umaru Kwairanga, as emphasising the pivotal role of the NGX’s Non-Interest Finance Board in achieving these objectives.

“Our commitment to broadening market participation is unwavering. Through our Non-Interest Finance Board, we are dedicated to expanding access to Sharia-compliant financial instruments that attract investors who value transparency, inclusivity, and sustainability”, Kwairanga said.

The two-day conference, held in Lagos from November 4 to 5, 2025, was organised by the Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission, brought together policymakers, regulators, development partners, and market participants.

The discussions centered around vital policy reforms, innovative product development, and strategies aimed at unlocking liquidity across Africa’s Islamic finance markets.

With over N1.3tn listed Sukuk, the NGX is well-positioned to capitalise on the growing appetite for ethical investment.

The Chief Executive Officer of NGX, Jude Chiemeka, commented on the strategic significance of non-interest finance, stating, “Our Non-Interest Finance Board represents more than just a platform; it embodies our commitment to unlocking ethical capital and ensuring sustainable development. By embracing innovation and building strategic partnerships, we are setting the stage for inclusive growth.”

The conference also highlighted discussions led by Vice President Kashim Shettima, represented by his Special Adviser to the President on Economic Matters, Dr. Tope Fasua.

He remarked, “Islamic finance is a credible mechanism for fostering equitable prosperity and sustainable development, and broader adoption across African economies is essential.”

As Nigeria’s non-interest capital market continues to expand, significant strides have been made, including sovereign Sukuk issuances that have raised over N1.4tn to fund various national projects.

This underscores Nigeria’s growing influence in shaping the future of Islamic finance across Africa.

In conclusion, with the goals of enhancing market inclusion and ensuring transparent operations in the Islamic finance sector, the NGX is paving the way for a robust financial ecosystem that promotes ethical and sustainable investments across the continent.

NGX earlier announced the declaration of an interim dividend of N1.00 per ordinary share of 50 kobo each, following the approval of its unaudited financial statements for the third quarter ended September 30, 2025.

The decision was reached at the meeting of the Group’s Board of Directors held on Wednesday, October 29, 2025.

The NGX Group Plc is the holding company for a diversified portfolio of businesses operating across the financial market ecosystem in Nigeria.

It is the successor entity to the erstwhile Nigerian Stock Exchange (NSE), which demutualised in March 2021.