Dannex Ayrton Starwin Public Limited Company (DAS), Ghana’s listed pharmaceutical manufacturer and importer, returned to profitability in the first quarter of 2026, posting a net profit of GH¢1.94 million for the period ending March 31, 2026, compared to a loss of GH¢4.27 million in the same quarter a year earlier.
Revenue grew to GH¢43.26 million from GH¢36.69 million in Q1 2025, reflecting stronger product sales across the company’s pharmaceutical portfolio. Gross profit expanded significantly to GH¢24.51 million from GH¢18.30 million, as cost of sales rose only marginally to GH¢18.75 million from GH¢18.39 million, indicating meaningful improvement in production efficiency and procurement management.
Operating profit reached GH¢4.00 million, a sharp turnaround from the GH¢3.49 million operating loss recorded in Q1 2025. General and administrative expenses declined to GH¢14.67 million from GH¢15.83 million, while selling and distribution expenses also eased to GH¢5.34 million from GH¢5.40 million, reflecting tighter cost controls across the business.
Finance costs fell modestly to GH¢1.90 million from GH¢2.09 million. Profit before tax came in at GH¢2.10 million against a pre-tax loss of GH¢5.57 million in Q1 2025. Income tax expense of GH¢108,864 compared to a tax credit of GH¢1.16 million in the prior period, as the improved earnings position eliminated the tax relief that had partially cushioned last year’s loss.
Earnings per share turned positive at GH¢0.0229 from negative GH¢0.0504 a year earlier.
On the balance sheet, total assets grew to GH¢125.85 million from GH¢96.43 million. Total equity strengthened to GH¢43.02 million from GH¢22.49 million, driven by the swing in retained earnings from negative GH¢10.57 million to positive GH¢9.96 million. Property, plant and equipment expanded to GH¢38.90 million from GH¢31.16 million, indicating continued capital investment.
The company’s net cash position remains under pressure. Cash and cash equivalents at the close of the period stood at negative GH¢17.34 million, reflecting a bank overdraft of GH¢19.55 million against cash on hand of GH¢2.21 million. Net cash generated from operating activities improved sharply, however, reaching GH¢1.30 million compared to an outflow of GH¢8.22 million a year earlier.
