Local pharmaceutical giant, Intravenous Infusions PLC, has recorded an increase in revenue of 9.69 percent for the year ended December 31st, 2021.
This comes as a much better performance compared to a reduction of 10.47 percent recorded in 2020.
This growth in revenue, according to the company, resulted in profit before tax of GH¢1.43 million compared to the GH¢1.36 million recorded in 2020.
Retained earnings increased by 8.26 percent and total assets grew by 24.68 percent in the year under review.
At its sixth Annual General Meeting held in Accra on Friday, the pharmaceutical company however did not declare a dividend for the year 2021.
The Board Chairman of Intravenous Infusions PLC, Isaac Osei, in an interaction with Citi Business News explained the reason behind this decision on the sidelines of the AGM.
“It is important for us to upscale our operations, and this requires us to build a new factory. In view of this, the Board felt it was a duty for us to ensure that as much cash as possible is retained in the company so that we don’t increase our loan portfolio. So this year, we are not paying out dividends.”
He added, “Managers are also not increasing their salaries because of this aim. So we want to sacrifice now and make sure that the company is in a strong position to pay our dividends.”
Mr. Osei further outlined plans by his outfit to expand their exports to earn more foreign exchange.
“We’re already supplying a huge order from Ivory Coast. We’ve also been supplying Mali, Niger, Togo, Nigeria. So we’re going out on our export drive, so we can mitigate the effects of foreign exchange depreciation. We have to generate the capacity to do earn more foreign exchange through our exports.”