Nigeria’s fast-moving consumer goods firm, GlaxoSmithKline (GSK) has recorded a profit surge in its Consumer healthcare and pharmaceutical segments operation in 2021, which pushes profit up to N658 million.
According to BusinessDay findings, the pharmaceutical company saw a profit surge to N658.8 million in December 2021, a slight 6 percent increase from N622 million in December 2020.
Revenue jumped 5 percent to N22.4 billion compared to N21.3 billion in the comparable period. Revenue was obtained from pharmaceutical and consumer healthcare which contributed N15.16 billion(67.6%) and N7.28 billion(32.5%) respectively.
The pharmaceutical segment recorded N15.16 billion in December 2021 from N15.04 billion in December 2020.
The consumer healthcare segment recorded N7.28 billion in December 2021, a 16 percent increase from N6.25 billion in December 2020.
Gross profit stood at N6.18 billion, a 3 percent slight increase from N6 billion in the period under review.
Cost of sales grew 5.7 percent to N16.27 billion from N15.38 billion in the comparable period. Investment income stood at N93.5 million in December 2021 compared to N71.48 million in December 2020.
The pharmaceutical company grew its total assets to N26.25 billion, a 10.6 percent increase from N23.73 billion in the period under review.
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Inventories jumped 84 percent to N6.04 billion in December 2020 from N3.28 billion in December 2020.
Glaxosmithkline’s selling and distribution expenses stood at N3.5 billion year on year.
“Since the last annual General Meeting, there have been some changes in the composition of the board Amina Salihu was appointed an Independent Non-Executive Director of the Company,” said GlaxoSmithKline in a statement.
The net cash flow from operating activities is the cash flow from operating activities which depicts the cash-generating abilities of a company’s core business activities dropped to N364.5 million in December 2021 from N9.78 billion in December 2020.
Net cash flows used in investing activities recorded a year-on-year loss of N127 million from N245.76 million in the period under review.
Net cash flows used in financing activities is a section of a company’s cash flow statement, which shows the net flows of cash that are used to fund the company recorded N376.5 million from N367.4 million year on year loss.
Administrative expenses are expenses an organisation incurs which are not directly tied to a specific core function such as manufacturing, production or sales jumped 18 percent to N1.8 billion compared to N1.52 billion.
Earning per share stood at N55 from N52 in the comparable periods.
GlaxoSmithKline Plc was formed in 2000 as a result of a merger between Glaxo Wellcome Plc and SmithKline Beecham Plc. It was incorporated in Nigeria on 23rd June, 1971, and commenced business on 1st July, 1972, under the name Beecham Limited. The Company was quoted on the Nigerian Stock Exchange (NSE) in 1977.
