The last two years have presented serious business, health and personal challenges across the world, worsened by a breakdown in the global supply chains due to Covid-19 related disruptions.
It has been a period that has tested both business resilience as well as threatening to overwhelm healthcare systems in a number of countries, including Uganda.
However, notwithstanding the challenges, CiplaQCIL, has during the turbulent period registered revenue growth and increased production capacity at the plant (from 892 to 1008 million tablets).
According to officials, the firm also secured a number of product registrations in West Africa (WAHO) and Southern Africa (ZAZIBONA), which increased the regulatory footprint from 16 to 31 countries across Africa.
Yet the major highlights of the year include revenue growth of 48% year-on-year, net margin improvement of 8% year-on-year and cash flow improved by more than 20%.
Nevin Bradford, the outgoing CEO, said the growth has been due to an aggressive geographical expansion drive.
“We increased the registration of company products to more than 14 countries, bringing the number of country registration to 31. Amid the ongoing Covid-19 pandemic, CiplaQCIL has implemented various safety precaution measures such as a vaccine drive, PPE and transport to and from work, for its most valuable asset, its staff. “We have also implemented cost-efficient initiatives such as replacing expensive short-term capital expenditure with a long-term loan to manage interest and save costs,” said Bradford.
Ajay Kumar the incoming CEO said the immediate priority of the business is to make it profitable in line with the focus on sustainable and profitable growth to achieve short- and long-term goals.
“Another key aim is to improve business agility and we will strongly focus on ensuring a solid governance framework,” said Kumar.
Emmanuel Katongole, the chairman of CiplaQCIL said they are optimistic that the company will turn around.
“Our focus is to ensure that the business meets the needs of its various stakeholders particularly our customers and shareholders. We are confident that with the commitment to our strategy, mission, and vision our performance in future years will be much better,” Katongole said.