Pharmaceutical company, Intravenous Infusions PLC, has announced an increase in revenue of 9.6 percent for the 2021 financial year.
According to the company, the growth in revenue resulted in a profit before tax of 1.4 million cedis, compared to 1.3 million cedis recorded in 2020.
Speaking at the company’s Annual General Meeting (AGM), the Board Chairman, Isaac Osei, said the company is unable to declare dividend due to planned measures to expand its operations.
“The Board of Directors is highly committed to shareholder value creation and will pursue policies to ensure the generation of adequate returns to shareholders. In view of the company’s pursue of investment opportunities and the construction of the new factory, directors will not recommended the payment of dividends for the year 2021,” Mr. Osei said.
He stated the board will oversee the transformation of the company to meet the challenges of the ever-changing business environment in the country.
“Transparency, accountability and internal controls have been paramount in our dealings with management, regulators and government institutions in general. In the discharge of our duties, the board has institutionalized a committee system of governance to ensure expeditious resolution of all corporate issues,” he stressed.
He assured that the board will continue to leverage the company’s reputation in the market place to increase and maintain its local market share as well as exploit export market opportunities.
Mr. Osei stated that management and the board will pursue its product diversification agenda to broaden its product base.
“I am happy to inform you that two new products have been introduced to the product mix and a further 10 products will be introduced under a contract manufacturing arrangement with an Indian company,” he said.
“In addition, the company will promote non-drug such as medical consumables and disposables,” he added.
Intravenous Infusions announces increase in revenue of 9.6% for 2021 financial year