Starwin Products Limited, a local pharmaceutical manufacturer, has declared dividend of GH¢0.0014 per share for the 2011 financial year at its just-ended Annual General Meeting. The company’s sales grew by 13% from GH¢3.7million in 2010 to GH¢4.2million in 2011 while its operating profit also increased -- from GH¢560,000 in 2010 to GH¢900,000 in 2011. Chairman of the Board of Directors, Dr. Mensah Otabil, attributed the strong performance to growth in revenue, operational efficiencies, and a reduction in interest rates. He said despite strong competition in the industry, the company’s market leadership in its key products was maintained while it made gains in syrups, with the introduction of Paraking Syrup, Expectolyn and Starprovite. “We will continue to focus on our strategies to deliver consistent and sustained value for shareholders despite difficulties with the currency this year,” Dr. Otabil added. SPL is expected to introduce two new products -- Expectolyn Junior Syrup and Wintonic -- by close of the year. It plans to boost its stated capital from the current level of GH¢1.98million to GH¢6.00million through a rights issue to aid the company’s expansion drive. The company plans to acquire new machines and equipment as it expands its production base and introduces new products onto the Ghanaian market. SPL officially listed on the GSE on December 29, 2004. It has 500 million authorised shares and more than 74.24 million issued shares. The company also has a stated capital of GH¢1.98million.