Dannex Ayrton Starwin Plc posts GH¢7.6m profit for 2023

The Dannex Ayrton Starwin Plc recorded a financial performance of GH¢7.6 million in 2023 as against losses of GH¢3.5 million in 2022, representing an increase of 47.20 per cent.

Total assets of the company also grew from GH¢75.1 million in 2022 to GH¢78.2 million in the year under review.

Mr Nik Amarteifio, the Board Chairman of the company, disclosed this at the Fourth Annual General Meeting in Accra.

He said the harsh economic conditions, which the country experienced in 2022 prevailed to the early parts of 2023, with inflation hovering around 56.6 per cent in January before coming down and closing the year at 23.2 per cent.

Mr Amarteifio said despite the challenging economic environment, the company executed its tasks relentlessly, implementing strategies that resulted in strong financial performance.

 He said the company recognised the importance of good corporate governance as a means of sustaining the viability of the business.

‘The company had put in place a comprehensive health, safety and environment system to protect the environment and employees,” he said.

The Board Chairman said the company had also implemented an efficient and robust internal control system for identifying risks adding that ‘these controls are intended to provide reasonable assurance that the risks facing the company are being controlled.”

Mr Amarteifio said although the business and economic environment was likely to remain unpredictable this year, “we need to build on what we have achieved so far and make further progress towards achievement of our strategic objectives.”

“In as much as there has been marginal growth in some areas of the business, sales volumes have seen a steady decline, a key focus area for this year will be implementing initiatives to halt the decline to grow the volumes profitably,” Mr Amarteifio added.

Despite the profit made, the company did not recommend dividend for payment to the shareholders.

Source: GNA