The Chief Executive Officer of Ayrton Drug Manufacturing Limited, Yaw Opare-Asamoah has stated that the company is working to be among the top five pharmaceutical companies in the West African sub-region by 2023.
Speaking to Citi Business News after organizing its Annual General Meeting(AGM) in Accra, Mr. Opare-Asamoah observed that the company will use effective management and operational strategies to increase its market penetration on the African continent.
“As one of the top pharmaceutical companies listed on the Ghana Stock Exchange, Ayrton Drug Manufacturing Limited has grown over the years. Our gross profit has seen a sharp increase because of measures put in place to optimize cost. You can see a better performance from an operating point as well,” he said.
Highlighting the company’s readiness to expand its operations, Mr. Opare- Asamoah stated that Ayrton Drug will make significant investment to increase its share in the pharmaceutical industry.
“We want to be a key player in the export market. Once we are able to achieve that target we’ll look at expanding into other markets,” he stressed.
He appealed to government to take the needed steps to ensure that the implementation of the single common market for West Africa becomes a reality.
This, he said will help in making Ghana a pharmaceutical manufacturing hub in the sub-region.
Financial Performance
The company recorded a decrease in Turnover from GHS 38,772,241 in 2016 to GHS 35,016,640 in 2017.
That is a rate of -9.69%. Profit before Tax in 2017 was GHS 3,267,919 compared to GHS 3, 243,763 in 2016.
Net profit for 2016 was GHS 2,598,241 as compared to GHS 2,285,975 recorded in 2017. The company did not give any dividend for the financial under review.
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By: Bobbie Osei/citibusinessnews.com/Ghana