DAS Pharma posts record revenue in 2023
Dannex Ayrton Starwin PLC (DAS Pharma) has rebounded from a loss of GHC3.5 million in 2022 to make a profit after tax of GHC7.6 million in 2023.
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The 2023 profit was driven by an increase in revenue which hit a record GHC141m.
This represented an increase of 47.20% of the company’s annual revenue in 2022.
The company’s total assets also grew from GH75.1 million to GHS 78.2 million for the year 2023.
Despite these laudable feats chalked up by the firm, shareholders will not be paid any dividends for the year 2023 as liquidity challenges continue to bedevil the company.
2024 outlook
Speaking at the 2023 Annual General Meeting, Board Chairman, Nik Amarteifio, said 2024 continues to be unpredictable, witnessing a sales volume decline in spite of a marginal growth in certain areas of the business.
He said the company would soon launch a cost optimisation program as a key focus area to drive operational efficiency, improve profit, and free up cash to ensure adequate liquidity for the operations of the company.
The Board Chairman added that the company would achieve its strategic objective by investing heavily to build strong equity for its brands, renew key assets, improve capabilities and skills of its employees and retool to ensure a sustainable future for the business.
“The company will also continue to work to high standards and strictly comply with and institutionalize all statutory requirements applicable to its business; by providing a safe environment for employees and ensuring the safety of our consumers,” he stated.
He said his outfit implemented an efficient and robust internal control system for identifying risks which provided reasonable assurance to shareholders and investors as well as customers that the risks facing the company are being controlled.
“The company has a board charter and a documented code of business policies to guide the board members and all employees in the discharge of their duties, this code encompasses all aspects of the business," he noted.
Corporate Governance
Commenting on the company’s corporate governance structure, he admitted that the company recognizes the importance of good corporate governance as a means of sustaining the viability of the business and ensuring accountability to its shareholders.