The Independent Uganda: You get the Truth we Pay the Price
New developments
The company, according to executives, maintained near normal operations and output during the COVID-19 lockdown period.
Provision of accommodation for key workers, company transport and rigorous COVID-19 preventative regimes enabled the company to maintain a greater than 98% attendance record and increase output to meet additional demand.
Deliveries to National Medical Stores and all key customers continued on schedule and uninterrupted during the reporting period. The company’s ability to continue in near normal operations during lock down enabled it to take advantage of business opportunities presented by the COVID-19 challenge.
Whilst Uganda guaranteed security of supply of life saving ARVs and malaria treatments through local manufacturer, executives said, this is not the case in other countries.
The company’s ability to maintain and indeed scale up production during lockdown enabled it to deliver a $6.5m TLD order to Botswana (one million packs) which was facing supply challenges from its normal ARV suppliers.
The company delivered the order in full in less than two months. During lockdown, the company continued to deliver essential lifesaving ARVs and ACTs overland to Southern African Countries such as Malawi, Zambia and Zimbabwe and by air to South Africa, Nigeria and Botswana amongst others. First half exports at $18.9m represented 58% of sales.
The company exported ARVs worth $7m to South Africa, $6.5m to Botswana and ACTs worth $1m each to Malawi and Kenya.
Furthermore, the company exported ACTs to Nigeria and Rwanda for the first time. The company has regulatory approvals in 15 African markets and made new applications to the Democratic Republic of Congo and Madagascar.
The poor performance for the period under review caused an increase in the basic loss per share from Shs3.97 to Shs4.0. Its share price has since Sept.2018 – when it went public – been dropping from Shs256 per share to Shs105 as at Nov.19.
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