Mr Isaac Osei, Board Chairman of Intravenous Infusions PLC, says the company is optimistic of making profits despite the current cedi depreciation and other factors hindering its operations.
He said the company would focus on using its core strategies to increase revenues and resources, and to boost its exports.
Mr Osei was speaking at the 2023 Annual General Meeting of the company in Accra, which had Board Members and shareholders engage in discourse to revamp the company.
He said the company was also collaborating with the relevant stakeholders in a new pricing policy to help ease the burden on the national purse, while at the same time, supporting patient’s access to quality healthcare products.
He said the company would continue to leverage its brand name and reputation to increase significant share in the domestic market, and to maintain focus on export market opportunities and increase product diversification.
“This will help us export to other sub-Saharan African countries like Nigeria and Burkina Faso to be able to increase liquidity for shareholders,” he added
He said the company constantly sought ways to improve their corporate governance, pursue engagement with the many diverse stakeholder groups such as the shareholders, policy makers, customers, and regulators.
Mr Moukhtar M. Soalihu, Managing Director of Intravenous Infusions PLC, said the company was putting in place strategies to help mitigate difficult operating environment.
Mr Soalihu said the company was poised to not only be manufacturers but retailers of the products and making them available at all stores and focus on small volume parenteral products.
He said Ghanaians had invested in the company, hence, it was crucial for them to run it smoothly.
Speaking of the company’s performance, he said the performance of the year under review, 2023 was good as compared to the previous year.
He said the cedi depreciation had affected the company, since most of their products were imported, causing an exchange loss of GHS 2.1 million and “once the economy is not doing well it has a general effect on all businesses.”
The Managing Director said the company was expected to map up its own strategies and risk
management to curtail the situation despite the government’s interventions.
He said the National Health Insurance Scheme (NHIS) was also hindering the profitability of shareholders, saying, most intravenous products were used by government hospitals and governments do not release funds timely.
However, he said the NHIS did well in 2023, growing by 54.1 per cent and 2 per cent in debt, indicating that there was hope for the company to increase its profitability.
The Board was encouraged to appoint women as part of their team and to increase liquidity to be able to increase profits of shareholders.
The AGM saw the Board of Directors, shareholders and other stakeholders present to vote on re-electing Directors retiring by rotation, approve director’s fees, authorise the Board to negotiate and fix the fees of auditors,, among others.
GNA