Dipo Olowookere
By Dipo Olowookere
The board of GlaxoSmithKline Consumer Nigeria Plc has recommended the payment of 50 kobo cash dividend payment to shareholders of the company.
This information was disclosed on Thursday after the firm released its financial statements for the year ended December 31, 2018.
If the dividend is approved by shareholders at the Annual General Meeting (AGM) slated for Thursday, May 23, 2019 at the MUSON Centre, Onikan, Lagos, it would be 25 percent higher than the 40 kobo paid in 2017 fiscal year.
Highlights of the 2018 results showed that revenue generated by the company increased by 14.43 percent to N18.4 billion from N16.1 billion, while the gross profit rose to N6.8 billion from N4.5 billion.
However, investment income dropped to N380.5 million from N1.2 billion, representing 68.17 percent decline, while the cost of sale increased to N11.7 billion from N11.6 billion.
Selling and distribution costs gulped N3.1 billion in 2018 against N2.7 billion a year earlier, while N2.3 billion was used for administrative expenses during the year under consideration versus N1.8 billion in the corresponding period of 2017.
In the results, GSK Nigeria declared a profit before tax of N1.2 billion in 2018 FY in contrast to N1.1 billion in FY 2017 and a profit after tax of N617.6 million against N486.4 million of the previous year. This left the earnings per share closing higher by 26.97 percent at 52 kobo in 2018 FY against 41 kobo in 2017 FY.
