Starwin breaks 9-year-old record

The Board Chairman of Starwin, Rev Dr Mensah Otabil, made these known at the company’s annual general meeting in Accra.

He said the remarkable results in 2011 were recorded due to the growth in revenue, operational efficiencies and reduction in interest rates.

He added that the company’s profit after tax for the period ending 2011 amounted to GH¢477, 227, having grown by 4740 per cent over the 2010 figure of GH¢ 83, 076.

Dr Otabil, who is also the General Overseer of the International Central Gospel Church (ICGC) , added that the company’s net finance expenses dropped to GH¢ 249,013 in 2011. Starwin’s net finance expenses were GH¢ 401,630 in 2010 .

Dr Otabil gave the assurance that the company would continue to focus strategies that deliver consistent and sustained value for stakeholders despite the rapid decline of the value of the cedi.

He said the decline would increase cost of production, thereby making it difficult for the company to compete with imported products from Asia and other emerging markets.

Touching on dividend, the Board Chairman said the directors recommended the payment of 14 pesewas per share, bringing total dividend for the  year to GH¢ 107,845 for the year under review.

Dr Otabil noted that despite strong competition in the industry, the company’s market leadership in key products was maintained while they made gains in the syrups with the introduction of Paraking syrup, a paediatric product, Expectolyn, a cough syrup and Starprovite, a blood tonic.

He added that the company made its first shipment to Sierra Leone during the third quarter of 2011, adding that “the export to Sierra Leone would contribute significantly to revenue in 2012 and beyond”.

He thanked all stakeholders for their confidence in the board and management, adding “I believe strongly that, together, we shall continue to build a strong and rewarding Starwin aimed at creating wealth and better life for all stakeholders”.       

Story by Alice Aryeetey