South African giant drug manufacturer sells off investment in Ghana

August 29, 2019 5:23 PM

South African drug manufacturer Adcock Ingram has sold off its shared in local drug company Ayrton Drugs Manufacturing Company and exited the country.

This is after Adcock Ingram described the company’s performance as not meeting their expectations.

In a statement to announce its 2019 half-year performance, the South African-based company which had a 53% stake in Ayrton Drug, it had sold-off its shares in a Zimbabwe firm as well.

Adcock Ingram by this decision is exiting the West African country. Ayrton Drugs is therefore said to be considering proposals of merging with other drug companies such as Dannex and Starwin.

The firm said on Wednesday full-year earnings rose 10.6% while headline earnings per share from continuing operations for the year ended June 30 rose to 421.7 cents from a restated 381.3 cents in the previous year.

Adcock Ingram, which also has operations in India, said revenue rose 11% to 7.1 billion rand ($465.97 million). ($1 = 15.2369 rand).