Intravenous Infusions Records Strong Growth In Revenue In 2023 Despite Economic Challenges
Intravenous Infusions Plc (IIPLC) recorded a strong increase in revenue by 54.3% in 2023, following a 10% revenue decrease in 2022 financial year.
The increase in revenue is attributed to deliberate pursuit of new strategies and policies aimed at maximizing revenues and efficiency, driven by improvement in controls.
Despite the marginal improvement in economic indicators recorded in 2023, IIPLC chalked some successes in enhancing value to Shareholders. The existing controls were strengthened and new ones were introduced. This resulted in an increase in operational efficiency at all levels of the organizational value chain.
The revenue growth rate achieved coupled with prudent management of costs resulted in turning the losses of GH¢3.5million recorded in 2022 into a profit before tax of GH¢3.3million in 2023.
Retained earnings increased by 242% compared with a decline of 77% in 2022. Shareholders’ funds increased by 17.2% relative to a decline of 19.2% in 2022. Assets utilization ratio also improved significantly from 43.5% in 2022 to 67.6% in 2023.
Outlook
The future of IIPLC continues to be bright and positive despite global economic challenges. Policies aimed at maximizing revenue and profits to Shareholders are vigorously being pursued.
Strengthening of the local market dominance and the export market opportunities will continue to be the focus. IIPLC will intensify its investment in product research and development.
As part of our product diversification strategy, a number of new products are being brought on board under a contract manufacturing arrangement with a strategic partner from India. In addition, the company is venturing into other non-drug areas such as medical consumables and disposables.
Corporate Information
Intravenous Infusions PLC (IIPLC) is a Ghanaian pharmaceutical company producing and distributing Intravenous Fluids in Ghana and the West African sub-region. Incorporated in 1969, Intravenous began operations in 1974 as the first pharmaceutical company producing intravenous infusions in Ghana.
The company was set up to take advantage of the total lack of local production of infusions and the country’s dependence on imports. Intravenous Infusions PLC’s production process is highly regulated and certified by Food and Drugs Authority (FDA) and Factory Inspectorate Division.
The company’s wholesale and distribution activities are also regulated by the Pharmacy Council under the Health Professions Regulatory Bodies Act, 2013, Act 857. By the nature of its life-saving products, the Company plays a strategic role in the health delivery programmes not only in Ghana’s Ministry of Health, but also all the Private Hospitals as well as Health sectors of Institutions like the Ghana Armed Forces, Police Service and Mission Hospitals.
