Business News of Thursday, 21 July 2022
The economy of Ghana recovered slowly from the negative effects of COVID-19, recording a growth rate of 5.4% in 2021.
IIPLC recorded an increase in revenue of 9.69% in 2021 compared to a reduction of 10.47% in 2020 reflecting the gradual recovery of economic activities posts COVID-19 pandemic. The growth in revenue resulted in profit before tax increasing by 5% as compared to a decline of 22% in 2020. Retained earnings increased by 8.26% and total assets grew by 24.68 %( 2020: increase by 22.5%).
The future of IIPLC continues to be bright and positive despite the current macro-economic challenges. Policies aimed at maximizing revenue and profits to Shareholders are vigorously being pursued. Leveraging on our reputation and brand name to maintain and increase our local market dominance as well as continued diversification of our product and market risks.
The company has started its export operations and hoping to maintain and expand by taking advantages offered by Africa Continental Free Trade Area and Ecowas Trade Liberalization Scheme.
On the factory expansion project, the drawings are undergoing cGMP review and processes have commenced for the appointment of contractors for various project activities.
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, the company 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 programs not only in Ghana’s Ministry of Health but also in all the Private Hospitals as well as Health sectors of Institutions like the Ghana Armed Forces, and Police Service, and Mission Hospitals.