Pharmaceutical products manufacturer Intravenous Infusions PLC has recorded an increase in revenue of 9.69 percent during the 2021 financial year.
The percentage was an increase compared to a reduction of 10.47 percent in 2020, reflecting the gradual recovery of economic activities in the COVID-19 era.
The growth in revenue resulted in profit before tax of some GH¢1.43million compared to GH¢1.36million recorded in 2020.
Retained earnings also increased by 8.26 percent and total assets grew by 24.68 percent against the 22.5 recorded in the year 2020.
The company’s Chairman, Isaac Osei – who disclosed the financials at the 2021 Annual General Meeting in Accra, said the board will continue in its pursuits of policies aimed at improving the existing and new systems of controls to achieve efficiency and cost reduction in the value chain, so as to enhance shareholder value.
“In our bid to also upscale the company’s operations, shareholders have decided to retain as much cash in the company as possible; hence the decision to postpone payment of dividend this year. We have a better future, and we want to ensure that the company is in a strong position for long-term growth,” he said.
In the quest to expand, the Chairman said the company will leverage its reputation in the market to expand and promote non-drug areas – such as medical consumables and disposables – to exploit export market opportunities in the West Africa sub-region and beyond.
To this end, Mr. Osei said Intravenous Infusions has obtained approval from the Food and Drugs Authority (FDA) for the construction of a new factory.
He indicated that the new factory drawings are undergoing cGMP review, and processes have commenced for the appointment of contractors for various project activities.
“Two new products have been introduced into the product mix, and a further ten products will be introduced under a contract arrangement with an Indian company to expand the company’s product-range to meet current expansion campaigns,” he said.