Management of Intravenous Infusions PLC, an indigenous pharmaceutical products manufacturing company, has been given a medium term facility of US$3.2 million stimulus package from government to undergo expansion projects.
The money, according to the company, would be used for procurement of plant and machinery and expansion of the factory.
Board Chair of the company, Mr Isaac Osei, who was addressing shareholders of the company at its 5th Annual General Meeting in Accra, said the new plant and machinery have already been procured and delivered to the factory awaiting installation.
“We have obtained approval from the Food and Drugs Authority for the commencement of the construction of the new factory premises and soon, we’ll start” Mr Osei disclosed.
Managing Director of Intravenous Infusions, Mr Moukhtar Soalihu, expressed appreciation to government for the support and said the assistance would go a long way to positively affect the company and to position it for continuous profitability.
He maintained that though the impacts of COVID-19 has adversely affected the company in the first half of 2020, some gains were recorded for the rest of the year.
To maintain the gains of the company in the pandemic, Intravenous has taken the opportunity presented by the virus to venture into production and sale of hand sanitizers and handwashing soaps to augment the company’s revenue.
Intravenous in 2020, made a profit of GH¢1, 450,885, resulting in an increase in retained earnings by 36.6 percent.
The amount for retained earnings, which constituted GH¢4, 210,486 in 2020 was against the GH¢3, 966,998 of earnings realized by the company in 2019.
The company’s total assets also grew by 22.5 percent last year, compared to that of 14.8 percent in 2019.
On collaboration with other institutions, the company’s board is intensifying an ongoing collaboration with the Kwame Nkrumah University of Science and Technology (KNUST) School of Pharmacy on research and product development.