4th Annual General Meeting Of Dannex Ayrton Starwin PLC Held

By Joseph Nana Yaw Cobbina

The harsh economic conditions which the country experienced in the year 2022 prevailed to the early parts of the year 2023 with inflation hovering around 56.6% in January 2023 before coming down and closing the year at 23.2%, the lowest in 13 months.

The cedi experienced a challenging year in 2023,depreciating by 15.5% against the US dollar in the retail market and a more pronounced by 27.81% in the interbank market by year-end.

Speak at the 4th Annual General Meeting, the board Chairman of Dannex Ayrton Starwin PLC, Mr Nik Amarteifio, reiterated to the fact that despite the challenging economic environment, they executed their tasks relentlessly. Implementation of their strategy resulted in strong financial performance.

“Your company generated record revenue of GHS141M, representing an increase of 47.20% or GHS45.2M compared with 2022.This culminated in profit after Tax of GHS7.6M from a loss position of GHS 3.5M in 2022.Total assets grew from GHS75.1M to GHS 78.2M” he lamented.

According to him, even though they were able to make some gains during the period. Their board is unable to recommend any dividends for the financial year ended 31st December 2023.

He emphasis that Dannex Ayrton Starwin PLC recognises the importance of good corporate governance as a means of sustaining the viability of the business and ensuring accountability to its shareholders.

The Dannex Ayrton Starwin PLC has complied with all statutory requirements. It has put in place a comprehensive health, safety and environment system to protect the environment and employees.

Mr.Nik Amarteifio was optimistic that the company continues to apply sound operational control system to safeguard the interests of shareholders. As indicated in the statement of responsibilities of the directors, the company adopts standard accounting practices to facilitate transparency in the disclosure of information and reliability of financial statements.

In response, the Government embarked on a comprehensive debt restructuring programme, a significant fiscal consolidation programme, and the implementation of reforms to foster economic stability and resilience.

The authorities stabilisation efforts are being supported by an Extended Credit Facility (ECF) program of the IMF to the tune of approximately US$3 billion.

According to him, the crisis took a toll on the pace of economic growth, which deceleration to an estimated 2.9% in 2023 and is projected to remain weak in 2024.

Meanwhile the CEO of Dannex Ayrton Starwin PLC, Daniel Apeagyei Kissi, the company is however liquidity continues to be a challenge and to see how best the economy will bounce back to its track.

He added that the company is poised to restructuring the challenging economic environment.

The Dannex Ayrton Starwin PLC is focus to overcome the challenges confronting the company.