Pharmacy, Medicines and Poisons Board (PMPB) anticipates continued positive performance after reporting a surplus of K206 million as at the end of June 30 2015
The Malawi Government Annual Economic Report 2016 says the performance in the 2015/16 fiscal year was generally good during the audit period, with revenue growing by 46 percent.
This was largely attributed to a 131 percent increase in registration fees and a 78 percent increase in grant income, particularly from National Aids Commission (NAC), according to the report.
“This exceptional increase in income combines with a mere 20 percent growth in expenditure, leading to an increase in profits by 181 percent,” said the report.
But the report said the board’s current ratio is at 1:4:8 due to the existence of too much cash and cash equivalents mainly in the board’s foreign currency denominated account amounting to K318 million.
“The board maintained a low debt-to-equity position over the years and it further lowered it to 17 percent in 2015. The institution took an average of 56 days to collect outstanding customer invoices in 2015,” says the report.
Despite reporting a surplus in the mid-year, the assessment of the performance reveals that the financial performance for 2015/16 may slightly decline from the position reported in 2014/15 fiscal year. n