Dannex Ayrton Starwin (DAS) PLC, despite the challenging economic environment, posted strong growth in the 2024 financial year with profit after tax of GH¢10.4 million. The 2024 profit represents a 36.8 per cent increase from the GH¢7.6 million recorded in 2023.
In the period under review, revenue for the company surged to GH¢173.1 million, a 22.7 per cent increase over the previous year, while total assets improved, rising from GH¢78.2 million in 2023 to GH¢100.8 million in 2024.
The Board Chairman of DAS PLC, Nik Amarteifio, disclosed this in Accra yesterday during the 5th annual general meeting of the company to present the annual report and financial statements for the year ended December 31, 2024.
“Despite liquidity constraints and high operating costs, we leveraged internal efficiencies, pricing strategies and market positioning to sustain growth,” he said.
Mr Amarteifio said the company’s strategic focus and disciplined execution enabled a solid recovery and positioned it for continued progress in 2025.
The Board Chairman observed that the pharmaceutical sector continued to experience some relief from easing import costs, driven by a stronger cedi and declining inflation, which was helping to reduce input cost pressures.
He said the limited access to affordable credit continued to pose a challenge to growth and investment and the Food and Drugs Authority’s requirement that all pharmaceutical companies become fully compliant with the World Health Organisation current good manufacturing practices, an undertaking which required core business areas.
“Nonetheless, we continue to adapt proactively, seeking operational improvements and pursuing sustainable growth opportunities across our core business areas,” Mr Amarteifio stated.
The Board Chairman said given the improving economic outlook for 2025, and in light of the government’s mid-year budget emphasis on fiscal discipline, macroeconomic stability and private sector support, the company remained positive that the strong fundamentals and strategic adaptation would enhance its growth and position it to navigate ongoing challenges in the pharmaceutical sector.
Touching on the outlook for 2025, Mr Amarteifio said DAS PLC was well positioned to take advantage of the opportunities that the pharmaceutical industry presented due to the technical expertise of staff and their commitment to excellence.
“DAS PLC is committed to continuing its investment efforts to strengthen the equity of its brands, renew key assets, and enhance the skill and capabilities of its employees. We are confident that our strategic initiatives, combined with our capabilities, will sustain growth and success, ensure sustainability and create long-term value for our stakeholders,” the Board Chairman stated.
Mr Amarteifio said given the need for prudent cash management and the need to improve on the infrastructure of the company to comply with the FDA regulations, the Board had decided not to declare dividend for the financial year ended December 31, 2024.
He said leadership was committed to guiding the organisation towards continued success and growing DAS PLC into a top pharmaceutical company in the near future.
BY KINGSLEY ASARE
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