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Investing in Africa, for Africa

Every decision we make is inspired and driven by the purpose to ‘care for every life’. We’re constantly seeking new and innovative solutions to achieve that goal.


Qcil Announcement -CS Resignation
Qcil Change of name Announcement
Qcil Interim Dividend Announcement
QCIL 2023 Post EGM Notice
QCIL EGM 2023 Questions
Announcement of changes on the Board of Directors
Notice of CQCIL EGM
Proxy Form- CQCIL EGM
CiplaQCIL Profit Warning
CiplaQCIL Public Notice - Conclusion of Share Purchase by Africa Capitalworks SSA 3 from Meditab Holdings Ltd and Cipla EU Ltd
CiplaQCIL 2023 AGM Notice
FAQ on the Proposed Sale of Shares by Meditab Holding Limited and Cipla (EU) Ltd to Africa Capitalworks SSA
Cautionary Announcement
CiplaQCIL Post AGM Notice
CiplaQCIL AGM Notice
H1 FY21-22 Interim Results Announcement
CiplaQCIL Post AGM Notice
CiplaQCIL AGM Notice
Cautionary Statement
Acquisition of the Human Care Business
CiplaQCIL Post AGM Notice
CiplaQCIL AGM Notice

Shareholder Calendar

CiplaQCIL Ltd. Annual General Meeting
24 August 2023
CiplaQCIL Ltd. Annual General Meeting
29 September 2021
CiplaQCIL Ltd. Annual General Meeting
20 August 2020

Investor Updates

March 15, 2023 in Investor Updates

Cautionary Announcement

On 14 March 2023, the Board of Directors of Cipla Quality Chemical Industries Limited (the “Company”) was advised by Africa Capitalworks SSA 3 (the “Offeror”) of its intention to acquire…
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August 21, 2020 in Investor Updates

A Healthy future ahead for CiplaQCIL

During Cipla Quality Chemical Industries Limited’s (CiplaQCIL) second annual general meeting (AGM) on 20 August 2020, the company announced its achievements during the 2019/2020 financial year such as the considerable…
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Annual Reports

Annual Report
2022 / 2023
Annual Report
2021 / 2022
Annual Report
2020 / 2021
Annual Report
2019 / 2020
Annual Report
2018 / 2019


Audited Financial Statements for FY 2022-23
May 2023
Half year interim financial results 2023
November 2022
Financial Statements 2021-2022
31 March 2022
Annual Financial Results 2021-2022
31 March 2022
Annual Financial Results 2020-2021
31 March 2021
Full Audited Annual Financial Statements 2020-2021
31 March 2021
Half year interim financial results 2020-2021
17 November 2020
Financial Statements
31 March 2020

Corporate Governance

Code of Conduct
QCIL Dividend Policy
Whistleblower Policy

Frequently Asked Questions

AGM 2023 Questions & Answers
AGM 2022 Questions & Answers
AGM 2021 Questions & Answers

After close observation of the Cipla stock performance since the IPO and the business books of account, it is clear that the stock value was overstated and there has been consistent devaluation with year on year loss carrying due to high managerial/administrative costs. The question is, how do you then convince us, shareholders, to stick on board with a business that is clearly hell bent on defrauding us?

Whereas the company reported a loss in financial year 19/20 due to the Expected Credit Loss, there was a profit recorded in FY 18/19 so there is no year on year loss making situation. The management and administration costs declined by 11% as compared to the FY 18/19. The Company is implementing manufacturing administrative efficiency initiatives which will further drive down management and administrative costs.

What is the long-term strategy of Cipla-QCIL as a business? What has the Company done to instill confidence and trust over its approach to making its strategy and operations resilient, and how is it doing so? The share price has drastically plummeted to way below 60% of original price, what has the Company & BOD done to keep confidence of its investors and probably convince other fence sitting investors?

The Company is implementing short, medium- and long-term strategies aimed at growing the business profitably. Some of the initiatives being undertaken in this regard include;
i. Geographical expansion both in terms of the number of countries where we have our facilities registered and also the number of countries where our individual product portfolios are registered. The Company has recently supplied first line therapy for HIV, TLE medicines to Botswana during the challenging Covid 19 epidemic and has also supplied throughout this period to Southern and West African countries.
Active negotiations with other Sovereign Nations are ongoing to help them in the short and longer term with health care challenges relating to securing and supplying of life saving medicines especially for HIV, malaria and tuberculosis.
A key contractual change has been adopted by the Company in requiring Sovereign Nations to guarantee payments for supply of medicines in order to avoid credit risk challenges as experienced with the Zambian government contract.
ii. Implementing new profitable revenue streams this year including new products and therapeutic categories. In FY 19/20, the Company introduced the first line therapy for ARV treatment in South Africa.
The company is currently undertaking a manufacturing technology transfer of a new variance of what was the first line ARV therapy in Uganda known as TLE 400.
The Company within three to four months will have the technology transfer to manufacture a product called QTIB which is a four in one combination for the prevention of tuberculosis in newly diagnosed HIV patients. Prior to the introduction of QTIB therapy by Cipla, newly diagnosed HIV patients have had to take 4 tablets a day but this is now going to be combined into one tablet.
iii. As highlighted in the last AGM, entrance into the private market will see the company begin to market and manufacture a range of products specifically tailored for the private retail sector including an over the counter category of products in the cardio vascular and heart and diabetes segments known as the metabolic therapeutic category.
iv. The private market entry will be boosted by a new inhouse sales team of medical representatives who will promote the range of Cipla products manufactured in India including the therapeutic class leading products in the respiratory, anti-infective, anti-fungal sectors and boasted by the products to be manufactured locally in the cardio vascular and diabetes categories.
v. Implementing capacity enhancement initiatives aimed at delivering reduced manufacturing costs while delivering on the Company’s commitment to deliver timely supplies to customers.

How can I receive dividends via Mobile money?

The board did not recommend the issuing of a dividend due to the performance of the Company. As and when a dividend is issued, shareholder will be informed of how the dividend will be paid.

How can one increase shares?

To increase your shares, please contact the stockbroker who opened your securities depository account to guide you on how you can purchase the additional shares.

Can you please share the financial statements?

The Company’s annual financial statements are available on the Company website:

How much cash do I have in the company?

This is dependent on the number of shares you hold and the prevailing share price.

Why is the value of shares shrinking?

The value of shares of any listed company can rise and fall according to supply and demand and the views of the market on a company’s performance at any one time.

Please avail us the documents on the performance of the company before AGM on mail.

The Annual financial statements and AGM Notice and Post AGM Notice have been sent through email and have also been uploaded on the Company’s website.
Shareholders can send an email to [email protected] for assistance with any information you might need.

How have we positioned ourselves to tap into the Covid-19 treatment and what has been the impact of Covid-19 on the performance of the Company Is the Company going to manufacture Hydroxychloroquine to treat Covid-19 and what could the expected business be? Does the Company have any remedy for Covid-19 before the year ends or are we to rely on Russia who have developed the drug first? Why isn’t the Company producing masks, disinfectants and gloves for the Covid-19 pandemic?

The Company has manufactured hydroxychloroquine in response to the Covid-19 Pandemic and at the specific request of Ministry of Health in Uganda.
The Company will in the next two to three months also manufacture Azythromycin which is a part of the triple cocktail hydroxychloroquine, Azythoromycin and Zinc which is currently the first line therapy used in the treatment of mild to moderate cases of Covid-19 in Uganda. This however is not to say that this is a cure for Covid-19 but the manufacture of Hydroxychloroquine and Azythromycin are part and parcel of the Company’s response to the Covid-19 pandemic.
In collaboration with Cipla India, the Company will if required be in position to supply two specific anti-viral products namely Remdesivir injection manufactured by Cipla India and also Faveprovir. The Company will be in position if requested by the Ministry of Health to provide this medication to treat the more severe cases of Covid-19 in Uganda.

Are directors conniving against shareholders?

The Board of Directors is committed to ensuring that strategies to grow the company are implemented with the objective of bringing value to shareholders.

The annual report is over 100 pages and in full colour. Can the company print the reports and all necessary documents, then advise the shareholders on a central place where they can pick them on identification?

Due to Government’s guidelines restricting public gatherings, the Company made a decision to make the annual reports available on the website. Physical copies of the annual report were not printed this year. The report has been made available on the Company Website in a downloadable version. Any shareholder that may require a physical copy can make a request through [email protected] which the Company will assess based on viability.

Does the Company need to have such a big Board?

The current board is comprised of eleven members and by any standard it is considered as a large board. The size and complexity of the business requires a wide range of skills and each member currently on the Board possesses a critical skill that is currently needed to deliver our vision of manufacturing home grown affordable quality medicines made in Africa for Africa.
The Nomination and Remunerations Committee annually reviews the composition of the Board and determines the optimal number in line with the required skills and strategic objectives. The competencies of the board members can be viewed in the Annual Report and the Company website.

What has the Company done about the gender imbalance on the Board and Management?

The Board is aware of the current gender imbalance and all appointments take into consideration the need to close this gap.

What has the Company done to improve engagement with shareholders?

The Company has a diverse range of shareholders and our objective of communication is to ensure information is available to all. A communications strategy has been developed which is focused on ensuring sufficient information is provided to shareholders. Some of the engagement strategies that have been adopted include use of social platforms like Instagram, twitter, shareholder Email and revamping the Company website. The Company will continually come up with mechanisms to enhance shareholder engagement.

What are the expectations for a dividend in this second AGM of August 2020? Why hasn’t the Company had profits for two consecutive years?

A dividend payment will be dependent upon the Company’s performance in this financial year. Unfortunately, due to the Expected Credit Loss provisioning arising from the Government of Zambia debt, the Board was unable to recommend a dividend based upon the performance in the financial year 19/20. Once the Company’s financial position improves considerably and the company returns to a significant profit-making situation, a dividend will be an item that the Board will consider during the course of the financial year.

What does a change in product mix mean as a reason for affecting the performance of the Company? How many Countries is CiplaQCIL is exporting to now and what are the orders on hand in total? Did you expand to 22 countries?

The Company’s overall profitability is impacted when there is a shift from higher therapeutic mix products to rather lower margin therapeutic products.
The Company is exporting to 16 countries and will add one new Country within the next few weeks from the AGM.

How is the company dealing with the existing overdraft facility?

The Company took the overdraft to manage the cash flow gap that was created by the debt caused by delay in payment by Zambia.
Some of the funds from the overdraft facility were used to complete the projects that were running in the factory notably, to complete the quality control laboratory, equipping the laboratory adequately and replacing inefficient machinery in order to increase the capacity. Management is in the process of acquiring a loan to substitute the short-term funds with long-term. The objective of this is to match the long-term funds with the long-term capital investments. This will improve the interest costs and also achieve the maturity margin where long term funds are matched with long term expenditure. The released funds will go a long way to boast the capital and also increase the plant capacity in order to continuously improve the on-time delivery which is one of our strengths.

Would a profit have been realized if GOZ had made good on the payments due? What is the profit after tax for 2019 Did GOZ pay in full? What is the current balance receivable?

The Zambia government debt issue has been considered in two ways, one being that an amount was written down as an expected credit loss, the other is that business to Zambia was suspended pending full recovery of funds owed. The profit before tax indicated in the financial results is about Ugx.35Bn. and without the Zambia element the Company would still have a negative of about Ugx.2Bn. Depending on how much business the Company would have realized from Zambia, the situation would go either way.

Questions or comments
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