Despite the challenging economic conditions that threatened the profitability of companies in Nigeria, GlaxoSmithKline, May & Baker, and Fidson Healthcare recorded an increase in cash from operating activities during the first quarter of 2023, a BusinessDay analysis has revealed.
Data sourced from the Nigerian Exchange Group showed GlaxoSmithKline recorded a positive cash flow from operations of N2.66 billion, May & Baker recorded N1.51 billion, and Fidson Healthcare recorded N292.3 million in the first quarter of 2023.
However, Morison Industries and Neimeth recorded negative cash flows from operations of N13.01 million and N354.8 million respectively.
Cash flow from operating activities represents the cash generated or used by a company’s core business operations, excluding any cash flows related to investing or financing activities.
Firm-by-firm analysis
GlaxoSmithKline
GlaxoSmithKline’s net cash generated by operating activities stood at a positive of N2.66 billion in the first quarter of 2023 from a negative of N1.48 billion in the first quarter of 2022.
The firm’s net cash flows generated from investing activities stood at N177.02 million, 561 percent from N26.79 million in the comparable periods.
Net cash flows used in financing activities stood at N43.41 million from N1.5 million negative cash flow year on year.
GlaxoSmithKline’s cash and cash equivalents stood at N22.78 billion in the first quarter of 2023, up 102 percent from N11.29 billion in the first quarter of 2022.
May & Baker
May & Baker’s net cash from operating activities grew to N1.51 billion in the first quarter 0f 2023, a 946 percent increase from N144.37 million in the first quarter of 2022.
The firm’s net cash used in investing activities stood at a negative cash flow of N193.27 million in the first quarter 0f 2023 from N151.59 million in the first quarter of 2022.
Net cash used in financing activities amounted to N85.29 million from N196.6 million negative cash flow year on year.
May & Baker’s cash and cash equivalent stood at N4.11 billion in the first quarter of 2023, up 61.2 percent from N2.55 billion in the same period of 2022.
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Fidson Healthcare
Fidson Healthcare’s net cash flow from operating activities stood at a positive of N292.3 million in the first quarter of 2023 from a negative of N738.3 million in the first quarter of 2022.
The firm’s net cash utilised by investing activities stood at a positive of N897.17 million in the first quarter of 2023 from the negative of N919.44 million in the same period of 2022.
Net cash from financing activities stood at a negative of N1.14 billion from a positive of N1.94 billion in the comparable period.
Fidson Healthcare’s cash and cash equivalents grew 1 percent to N1.98 billion in the first quarter of 2023 from N1.96 billion in the first quarter of 2022.
Morison Industries
Morison Industries’ net cash from operating activities arrived at a negative N13.01 million in the first quarter of 2023 from N2.36 million in the same period of 2022.
The firm’s net cash used in investing activities grew 0.5 percent to N7.96 million in the first quarter of 2023 from N7.92 million in the first quarter of 2022.
Morison Industries recorded no figure for net cash from financing activities during the period reviewed.
Morison Industries’ cash and cash equivalent dipped 39 percent to N9.54 million in the first quarter of 2023 from 15.7 million in the first quarter of 2022.
Neimeth
Neimeth’s net cash from operating activities stood at a negative cash flow of N354.8 million in the first quarter of 2023 from N265.68 million negative cash flow in the first quarter of 2022.
The firm’s net cash used in investing activities stood at N60.7 million in the first quarter of 2023 from N182.64 million in the first quarter of 2022.
Net cash from financing activities rose to N3.26 billion in the first quarter of 2023, up 1920 percent from N161.38 million in the same period of 2022.
Neimeth’s cash and cash equivalent arrived at N3.3 billion in the first quarter of 2023, up 90.8 percent from N1.73 billion in the first quarter of 2022.
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