Local pharmaceutical manufacturer Intravenous Infusions PLC (II PLC) has recorded a year-on-year revenue growth of 54.3 percent.
Board chair of Intravenous Infusions, Isaac Osei, speaking at the company’s 2023 Annual General Meeting (AGM) in Accra on June 21, 2024 said the revenue growth rate achieved, coupled with prudent management of costs, resulted in turning the losses of GH¢3.5million in 2022 into a profit before tax of GH¢3.3million in 2023.
He said the Board will continue its pursuit of policies aimed at maximising revenues while improving existing and new systems of controls to achieve efficiency and enhance shareholder value.
“Aside from the pursuit of sustainable policies, our short- to medium-term growth strategies of market expansion for both domestic and export markets will be vigorously pursued. Product expansion through collaborative partnerships with other pharmaceutical companies will remain our focus” he noted.
Managing Director-Intravenous Infusions, Moukhtar Soalihu, explained that though heavy reliance on imports of raw materials is impacting the company negatively, robust risk management measures are helping it stay afloat and maintain profitability.
“We have been very strategic in the way we deploy our resources to the various product lines. Products that give us good margins is the area that we focus on most, and that helped with revenue growth,” Mr. Soalihu said.
According to him, the company will pursue existing and new systems of control to enhance efficiency in the production value chain.
The company’s retained earnings, according to the 2023 annual report, increased by 242 percent compared with a decline of 77 percent in 2022.
The report also indicated an increase in shareholders’ funds by 17.2 percent relative to a decline of 19.2 percent in 2022; and the company’s assets utilisation ratio also improved significantly, from 43.5 percent in 2022 to 67.6 percent last year.
The IIPLC’s mission is to dominate the IV fluids and small-volume injectable market in West Africa, through the delivery of high-quality pharmaceutical products at competitive prices and supported by an active and energetic marketing agenda.
