Dannex Ayrton Starwin has Plc recorded an impressive financial performance of gross profit of GHC45,070,953 in 2022 as compared to GHC35,543,875 in 2021.
The company achieved a revenue of GHC95.7million in 2022 as compared to GHC74.5 million in 2021 while total assets rose from GHC63.5 million in 2021 to GHC75.1million in 2022.
Mr Nik Amarteifio, the Board Chairman of the company, disclosed this at the company’s Third Annual General Meeting in Accra.
He said last year was a difficult year for many other companies particularly those who depended on imported raw materials to produce for the market.
Mr Amarteifio said the company was able to quickly turn its performance around due to competitive pricing, proactive management of forex risks, optimization of cost and paying down its overseas payables.
He said Ghana witnessed a significant surge in inflation from 12.5 per cent in 2021 to approximately 53.4 per cent by the end of 222.
This notable escalation, Mr Amarteifio said was driven by several factors, including demand pressures, currency depreciation, supply disruptions, increasing utility costs and increase in interest rates.
‘These hurdles were intensified by the lingering effects of the global Covid-19 pandemic that had been experienced throughout 2020 and 2021,’ he said.
Mr Amarteifio said the external developments mentioned above had a significant effect on the domestic economy, adding that the foreign exchange market experienced substantial volatility, particularly at the beginning of the year in review, which put considerable pressure on the local currency.
‘Looking ahead, we anticipate that the current challenges facing the pharma industry will persist, he said adding that despite these difficult circumstances, the Board and Management of the company are unwavering in their commitment to maintain focus and resilience.
Mr Daniel Apeagyei Kissi, said the company based on lessons of the past, would continue to pursue reforms to ensure that the company ended the subsequent years with the same impressive to excite its shareholders and the stakeholders alike.
‘Now, we look at our pricing on the market almost daily. we are looking at the cost of raw materials also daily and as for the forex rate we are constantly checking and these parameters will continue,’ he said.
Mr Kissi said he was confident that the company would continue to ride out the storm and end 2023 on a positive note.
Source: Ghana News Agency