Profit statements

Drug manufacturing and consumer segment pushes GSK profit to N658m

Fast-moving Nigerian consumer goods company, GlaxoSmithKline (GSK) recorded increased profits in its consumer healthcare and pharmaceutical businesses in 2021, bringing its profits to N658 million.

According to BusinessDay findings, the pharmaceutical company saw its profits jump to 658.8 million naira in December 2021, a slight increase of 6% from 622 million naira in December 2020.

Revenue jumped 5% to N22.4 billion from N21.3 billion in the comparable period. Revenues came from Pharmaceuticals 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 compared to N15.04 billion in December 2020.

The consumer healthcare segment recorded N7.28 billion in December 2021, an increase of 16% from N6.25 billion in December 2020.

Gross profit stood at 6.18 billion naira, a slight increase of 3% from 6 billion naira in the period under review.

Cost of sales increased 5.7% to N16.27 billion from N15.38 billion in the comparable period. Investment income was N93.5 million in December 2021 from N71.48 million in December 2020.

The pharmaceutical company increased its total assets to 26.25 billion naira, an increase of 10.6% from 23.73 billion naira during the period under review.

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Inventories jumped 84% to 6.04 billion naira in December 2020 from 3.28 billion naira in December 2020.

Glaxosmithkline’s sales and distribution expenditure was N3.5 billion year-on-year.

“Since the last annual general meeting, there have been some changes in the composition of the board of directors. Amina Salihu has been appointed independent non-executive director of the company,” GlaxoSmithKline said in a statement.

Net cash flow from operating activities is the cash flow from operating activities that describes the cash-generating capabilities of a company’s major business activities.

Net cash used in investing activities recorded a year-on-year loss of N127 million compared to N245.76 million during the period under review.

Net cash flow used in financing activities is a section of a company’s cash flow statement, which shows the net cash flow used to finance the company, recorded at 376.5 million naira compared to 367, 4 million naira year-on-year loss.

Administrative expenses are expenses incurred by an organization that are not directly related to a specific core function such as manufacturing, production or sales jumped 18% to N1.8 billion from N1.52 billion naira.

Earnings per share were N55 versus N52 in the comparable periods.

GlaxoSmithKline Plc was formed in 2000 from a merger between Glaxo Wellcome Plc and SmithKline Beecham Plc. It was incorporated in Nigeria on June 23, 1971 and commenced business on July 1, 1972 as Beecham Limited. The company was listed on the Nigerian Stock Exchange (NSE) in 1977.