Intravenous Infusions Public Limited Company (IIPLC), Ghana’s oldest producer of intravenous fluids, recorded a net loss of GH¢4.63 million for the year ended 31 December 2025, according to audited financial statements signed and filed on 22 April 2026, raising fresh questions about the company’s financial viability.
Revenue collapsed by 63 percent to GH¢9.3 million from GH¢24.9 million in 2024, as working capital pressures significantly curtailed the Koforidua-based company’s ability to import raw materials and sustain production volumes. The sharp fall in sales dragged gross profit down to GH¢1.31 million, compared with GH¢11.55 million the prior year.
Independent auditors Intellisys, in their report to shareholders, drew attention to the scale of the loss as a condition that may cast significant doubt on IIPLC’s ability to continue as a going concern. The auditors, however, noted that the financial statements were nonetheless prepared on a going concern basis, citing mitigation measures the board is actively pursuing.
Cash and cash equivalents ended the year at GH¢20,887, down sharply from GH¢1.49 million at the start of 2025. Total equity fell to GH¢11.28 million from GH¢15.91 million, with retained earnings swinging to a deficit of GH¢2.45 million.
Despite the loss, the company paid a dividend of GH¢150,000 during the year on the outstanding dividend payable carried from 2024.
To stabilise operations, IIPLC has entered into a convertible loan agreement with CCM Healthcare Investment FZCO for GH¢4.8 million and is pursuing a rights issue and private placement targeting GH¢50 million, which shareholders approved at an Extraordinary General Meeting (EGM) in February 2026. The capital raise is expected to be completed by June 2026, with proceeds earmarked for working capital, debt servicing, and production capacity improvements.
The company, which is listed on the Ghana Stock Exchange (GSE) and holds valid manufacturing certifications from the Food and Drugs Authority (FDA) and the Pharmacy Council, maintains a 100 percent subsidiary interest in FlexPharm Ltd.
IIPLC’s board, chaired by Mr. Isaac Osei, acknowledged the difficult two-year period but expressed confidence that the financial restructuring programme will return the company to a sustainable footing.
