GSK posts N483million profit, highest in 5 years

Glaxosmithkline has recorded a profit after tax of N483.5 million in the first nine-month of 2022, a 294 percent increase from N122.7 million in the corresponding period of last year.

According to data sourced from the firm’s latest financials, the firm’s cost of sales grew to N15.3 billion in nine-month of 2022, a 26.4 percent increase from N12.1 billion in the nine-month of 2021.

The firm’s revenue surged 23.6 percent to N20.4 billion from N16.5 billion in the nine-month of last year.

The pharmaceuticals segment contributed the most revenue of N14.16 billion while consumer Healthcare contributed N6.26 billion in the first nine-month of 2022.

Revenue from the sale of goods – local increased by 25 percent to N20.4 billion from N16.3 billion in the period reviewed.

The firm recorded no revenue from the sale of goods – export while N148.4 million was recorded in the nine months of last year.

Investment income grew to N125 million in September 2022, up 153 percent from N49.3 million in September 2021.

Administrative expenses increased by 6 percent to N1.6 billion in September 2022 from N1.5 billion in the same period of last year.

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Selling and distribution costs climbed 3 percent to N2.84 billion from N2.75 billion in the period reviewed.

Equity increased to N9.24 billion in September 2022, up 9 percent from N8.76 billion in September 2021.

Profit from the sale of property, plant, and equipment grew to N23.7 million, a 356 percent increase from N5.2 million in September 2021.

The firm spent N100.4 million on electricity, fuel & utility from N66.3 million which indicates a 51.4 percent increase.

GlaxoSmithKline’s income tax expense surged to N233 million, a huge 297.61 from N58.6 million in the reviewed period.

The firm received an advance from customers worth N45.2 million, a 53.6 percent decrease from N97.4 million in September 2021.

Net cash generated by operating activities stood at N5.52 billion in September 2022 from N2.05 billion, indicating a 169 percent increase.

Realised exchange foreign exchange losses stood at N749,000 from N8.5 million in the comparable period.

Net cash flows generated used in investing activities stood at N173 million from a negative cash flow of N122.8 million in the period reviewed.

Net cash flows used in financing activities recorded N245 million from N569.2 million negative cash flow year on year.

Basic earnings per share attributable to each shareholder increased to N40 from N11 in the period reviewed.

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.