Ghanaian drugmaker Dannex Ayrton Starwin increased its net profit more than 21-fold in the first nine months of 2026, to GH¢10.94 million from GH¢511,462 a year earlier. Unaudited financial statements filed with the Ghana Stock Exchange on 30 October show that profitability improved far more rapidly than sales.
Revenue for January to September rose 8.5% from GH¢134.76 million to GH¢146.15 million. With cost of sales changing little at GH¢62.32 million, gross profit climbed to GH¢83.84 million from GH¢72.84 million in the same period of 2025. The wider gross margin provided a stronger foundation for the pharmaceutical manufacturer’s earnings.
The improvement extended to operating performance. Operating profit reached GH¢20.57 million, up from GH¢9.18 million, as selling, distribution and administrative expenses declined. Those savings helped offset a GH¢1.75 million foreign-exchange loss, compared with a GH¢0.59 million gain in the first nine months of 2025.
Operating cash flow recovers as overdraft increases
Finance costs also fell, to GH¢5.74 million from GH¢6.67 million, contributing to a rise in pre-tax profit from GH¢2.51 million to GH¢14.83 million. After taxes and levies, net profit stood at GH¢10.94 million, an increase of about 2,040% year on year.
Operating cash flow turned positive at GH¢3.82 million, reversing an outflow of GH¢6.87 million a year earlier. Short-term funding needs nevertheless remained significant: the bank overdraft stood at GH¢25.77 million at the end of September, compared with GH¢20.35 million a year before. Over the same period, equity rose from GH¢27.27 million to GH¢52.36 million.