By Bimbo Oladayo
The management of Neveah Company has expressed appreciation to Financial Times, a leading world newspaper publication for listing it as the fastest growing company in Africa.
Mr Ibidapo Lawal, the Chief Executive Officer, Neveah Ltd. said this in a statement in Abuja.
Neveah Ltd made the Financial Times 2023 Africa’s fastest growing companies ranking in its new rating.
According to him, we are delighted to be recognised as one of the fastest growing firms in Africa by Financial Times, this great feat has been achieved through an ability to take calculated risks.
He said Neveah had been consistent in business and human development, adding that its commitment to best practices was top notch.
He said,: “We hope to keep achieving greater milestones as we go ahead to build a world class commodities export firm but nevertheless, this ranking goes to show just how far we have come in the last nine years”.
The Financial Times, a leading world business newspaper and digital publication rated Neveah Ltd, an indigenous commodities export company ahead of several top brands in Africa. The publication was released on May 2.
He said Neveah ranked high on the list, leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, Flour Mills, amongst others.
Neveah was ranked 18 on the list of FT/Statista 2023 Africa’s Fastest-growing companies. Known for commodities export, the organisation places priority on delivering quality products at great prices.
According to Financial Times and Statista, the compound annual growth rate (CAGR) in revenue from 2018 to 2021 was a major criterion for listing.
He said, in five years, Neveah Ltd. had recorded a Compounded Annual Growth Rate (CAGR) of 68 per cent and 176 per cent on revenue and profitability respectively.
He said: “It has also registered a N10 billion commercial paper with FMDQ Exchange in 2021, raised a total of N14.96 billion and has currently repaid N14.54 billion”.