Cipla Quality Chemical Industries Limited’s (CiplaQCIL) has said it is optimistic about the future following a promising debt recovery plan with the government of Zambia.
The company recently announced to its shareholders that it had made losses in the first quarter of 2020. The Drug manufacturer also announced a loss of 14.5 billion Shillings for the period from April to September 2019. The losses were mainly attributed to failure by the company to collect debts from the Government of Zambia and the stiff competition in the sector.
However according to Executive Chairman of CiplaQCIL, Emmanuel Katongole, the Company is intent on returning to significant revenue growth in 2020/2021 as well as a return to profitability.
“The 2019/2020 financial year was a challenging year especially given the Zambia issues and most recently the COVID-19 pandemic. We can be proud though despite numerous challenges, CiplaQCIL continues to deliver on its ethos of “Caring for Life” by producing quality, affordable medicines to ensure that people have access to life-saving medication,” he said.
This was at the at second annual general meeting (AGM) held Thursday 20 August 2020
According to officials, CiplaQCIL continues to engage extensively and constructively with the Government of Zambia regarding payment of the over dues this financial year and has already received $1.2 million in the first quarter. This engagement involves forfeiting the over dues through an international bank to secure guaranteed payment.
“The company is relentlessly focussed on driving shareholder value through increased revenues and profitability. Even though it was business unusual during the COVID-19 pandemic, CiplaQCIL was fortunate to operate without interruption and even managed to improve attendance and productivity levels during this period. The new financial year 2020/2021 has presented opportunities in increasing the customer base with orders from Botswana for 2.3 million doses of ARVs for adults living with HIV,” CEO of CiplaQCIL, Nevin Bradford, said
