GSK Consumer Nigeria Plc Records N6.06 Billion Gross Profit in 2022
Pharmaceutical giant, GlaxoSmith Kline Consumer Nigeria Plc has released its unaudited financial statement for the year ended December 2022. According to the report, the company recorded a gross profit of N6.06 billion down 1.85% YoY from the N6.18 billion recorded in 2021.
Also Read: GSK Rejects Unilever’s £50 Billion for Healthcare Unit
In Q4 2022, the company recorded a gross profit of N892 million representing a decline of about 50.7% YoY from Q4 2021. For the year 2022, the company recorded a profit after tax of N692 million, an increase of 5% from 2021. The diluted earnings per share for the shareholders was N0.58.
The company recorded a revenue of about N25.395 billion in 2022, 13% up from the N22.449 billion recorded in 2021. However, the company’s cost of sales went up by 18.8% to N19.3 billion from the N16.2 billion recorded in 2021.
When the administrative expenses, selling and distribution costs, and other investment income are taken into account, the profit before tax was N1.025 billion. With income tax expenses of N333 million, the total profit after tax amounts to N692 million.
Also Read: Rising Energy and Forex Cost Drives Nigerian Breweries Plc’s Operating Loss in Q3 2022
The company made a revenue of N8.6 billion from its consumer healthcare segment while it made a revenue of N16.7 billion from its pharmaceuticals segment.
Breaking down its expenses, the company spent about N663 million on payroll costs down from the N940 million it spent in 2021. This reduction most likely reflects a layoff that occurred in the company in 2022. The company also spent about N85 million on electricity and fuel, reflecting a 10.5% decrease from the N95 million spent in 2021. The bulk of the company’s selling and administrative expenses came from intercompany rechargeable expenses which made up about 46.5% of the selling and administrative expenses.
Also Read: Nigeria: Flying into strong headwinds
GlaxoSmith Kline Consumer Nigeria Plc is a subsidiary of SetFirst Limited which holds a 27.31% stake in the company. SetFirst Limited is a UK-incorporated company owned by GlaxoSmithKline Finance Plc. Other major stakeholders in GSK Consumer Nigeria include Smithkline Beecham Limited with a 19.11% stake and Stanbic Nominees Limited with a 9% stake in the company. The remaining 44.5% of the company is free floating in the Nigerian Stock Exchange.