GlaxoSmithKline’s investment income jumped to N310.3 million in the full year of 2022, a massive 231.7 percent from N93.54 million in the corresponding period of 2021.
Despite the increase in investment income, profit after tax for the period grew slightly by 5 percent to N692.05 million from N658.81 million in the period reviewed.
The multinational pharmaceutical company reported a gross profit of N6.06 billion in December 2022, a 2 percent drop from N6.18 billion in December 2021.
GlaxoSmithKline’s revenue grew 13.1 percent to N25.39 billion in the full year of 2022 from N22.45 billion in the full year of 2021.
Revenue obtained from local sales of goods stood at N25.39 billion while no revenue was obtained from export sales in the period which ended in December 2022. However, N148.45 million was recorded for export sales in December 2021.
Revenue obtained from local sales of goods grew 13.8 percent to N25.39 billion in the full year of 2022 from N22.3 billion in the corresponding period of 2021.
Further analysis revealed that GlaxoSmithKline’s cost of sales took out 76 percent of the total revenue in the full year of 2022.
GlaxoSmithKline’s cost of sales climbed 19 percent to N19.33 billion in the full year of 2022 from N16.27 billion in the full year of 2021.
The firm’s selling and distribution costs grew marginally by 1.7 percent to N3.6 billion in the full year of 2022 from N3.54 billion in the full year of 2021.
Administrative expenses grew marginally by 1 percent to N1.82 billion in December 2022 from N1.8 billion in the same period of 2021.
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GlaxoSmithKline’s property, plant, and equipment dipped 16 percent to N454 million in December 2022 from N540.34 million in December 2021.
Inventories dropped 40 percent to N3.63 billion from N6.04 billion in the period reviewed.
Trade and other receivables dropped 26.7 percent to N3.79 billion in December 2022 from N5.17 billion in December 2021.
Cash and bank balances stood at N19.97 billion in December 2022, up 56.7 percent from N12.74 billion in December 2021.
The firm’s assets classified as assets held for sale dropped 5 percent to N680.87 million from N715.45 million in the comparable periods.
Total equity grew by 1 percent to N9.45 billion in December 2022 from N9.3 billion in December 2021.
Trade and other payables grew 15 percent to N19.25 billion from N16.73 billion in the period reviewed.
Income tax payable stood at N368.85 million, a 258.7 percent increase from N102.81 million in the full year of 2021.
Net cash generated by operating activities to N7.12 billion from N364.55 million.
Net cash flows generated by investing activities to a positive cash flow of N353.57 million from a negative cash flow of N127 million.
Net cash flows used in financing activities to N244.8 million from N376.58 million negative cash flow year on year.
GSK plc, formerly GlaxoSmithKline plc, is a British multinational pharmaceutical and biotechnology company with global headquarters in London, England. Established in 2000 by a merger of Glaxo Wellcome and SmithKline Beecham.
