Intravenous Infusions PLC records 44% growth in revenue for first half-year

Intravenous Infusions PLC records 44% growth in revenue for first half-year

Intravenous Infusions Plc recorded a strong growth in revenue by 44% during the first half of 2021.

This comes after a decline of 10.5% in revenue during the same period in 2020.

The decline in revenue last year was attributed principally to the effects of Covid-19 where volumes of sales across all business segments declined considerably. The Covid-19 pandemic placed a heavy toll on both on human and economic development of many countries around the world.

Despite the problems resulting from the rapid spread of the Covid-19 pandemic, Intravenous Infusions PLC said it chalked some successes in enhancing value to Shareholders.

Existing controls were strengthened and new ones introduced, resulting in an increase in operational efficiency at all levels of the organidsational value chain with operational costs declining by 9.7% (2019: increased by 18.1%) year on year.

It therefore made a profit of 1,450,885 resulting in an increase in retained earnings by 36.6%.

Total assets grew by 22.5% (2019: 14.8%) year-on-year as a result of using both internal and external funds for investments in plant and equipment and other operating assets aimed at creating future value for Shareholders.

Additionally, Intravenous Infusions PLC has obtained approval from Food and Drugs Authority (FDA) for the commencement of the construction of the new factory premises, through a medium term loan facility of $3.2 million secured from Ecobank Ghana Ltd under the Government of Ghana Stimulus Package for the procurement of plant and machinery; and expansion of the factory.

New plant and machinery have also been procured and delivered to the factory awaiting installation. Meanwhile, the board and management are currently sorting out some technical and financial details to make way for the commencement of construction of the new premises.

The company is confident about its future despite the effects of Covid-19.

Policies aimed at maximizing revenue and profits to shareholders are vigorously being pursued.

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