The loss, according to the company, was as a result of the depreciation of the cedi against major foreign trading currencies which resulted in the company incurring exchange losses amounting to approximately GH¢9.1 million.

The company’s total revenue for the year, however, increased from GH¢74.5 million in 2021 to GH¢95.7 million.

Total assets on the other hand also grew from GH¢63.56 million in 2021 to GH¢75.15 million in the year under review, with total liabilities also increasing from GH¢51.89 million in 2021 to GH¢66.93 million last year.

Commenting on the company’s performance, the Chairman of the board, Nik Amarteifio, said the foreign exchange market experienced substantial volatility, particularly at the beginning of the year in review, which put considerable pressure on the local currency. 

He said this in turn had a notable impact on operating expenses, amplifying the challenges faced during that period.

He said the company also continued to encounter significant cash flow challenges which remained a persistent concern.

No dividend

Due to these challenges, he said the board of directors was unable to recommend any dividend for the financial year ended December 31, 2022.

On the way forward, Mr Amarteifio said the board anticipated that the current challenges facing the pharmaceutical industry would persist in 2023.

He said despite these difficult circumstances, the board and management of the company were unwavering in their commitment to maintain focus and resilience. 

“We are dedicated to pursuing sustainable goals and ensuring the ongoing success of our business. Our utmost priority is to restore profitability after the loss incurred in 2022, which is primarily attributable to significant exchange losses and inflation during that period.

We are also diligently addressing the issues that have to do with the business’ going concern considerations. Encouraging indications from our latest results demonstrate we are making progress in tackling these crucial issues of profitability and liquidity,” he stated.