Despite the discomfort posed by the COVID-19 pandemic to industries across various sectors of the economy, pharmaceutical products manufacturer Intravenous Infusions PLC has made a profit of GH¢1,450,885 – resulting in an increase of retained earnings by 36.6 percent.
The amount for retained earnings, which constituted GH¢4,210,486 in 2020 was against the GH¢3,966,998 of earnings realised by the company in 2019.
The company’s board chair, Isaac Osei – who was speaking at the 5th Annual General Meeting of Intravenous Infusions in Accra, said the company’s total assets also grew by 22.5 percent last year, compared to 14.8 percent in 2019.
He said though there were challenges resulting from rapid spread of the pandemic, Intravenous had some successes in enhancing value for shareholders of the company.
“The second half of 2020 witnessed growth in our revenues as the COVID-19 restrictions were relaxed. We took the opportunities presented by the virus to start the production and sale of hand-sanitisers and handwashing soaps, and we hope to reap the benefits in the near future,” Mr. Osei indicated.
The company maintained that despite the ongoing effects of COVID-19, policies aimed at maximising revenue and profits to the shareholder will be vigorously pursued. It is also aiming to strengthen its local market dominance and pursue prospects in the export market to increase revenue in order to maintain profitability.
Meanwhile, the company’s board is intensifying an ongoing collaboration with the Kwame Nkrumah University of Science and Technology (KNUST) School of Pharmacy on research and product development.
During the event, a dividend of GH¢0.00291 per ordinary share for the financial year 2020 was declared, as well as ratifying the appointment of Moukhtar Soalihu as managing director of the company.