GSK Nigeria Gains N372m in First Six Months of 2019
By Adedapo Adesanya
The first six months of 2019 has been a fruitful one for GlaxoSmithKline (GSK) Consumer Nigeria Plc, a pharmaceutical company operating in the country, details of its financial statements for the period have revealed.
A brief analysis done by Business Post on the resulted showed that in the first half of this year, the firm recorded a total of N372.1 million profit after tax, higher than the N362.1 million achieved in the first half of last year.
Before the necessary statutory taxes were deducted by the company, GSK Nigeria posted a profit of N531.5 million in the period under consideration against N517.2 million of the previous corresponding period.
As at June 30, 2019, the financial statements indicated that the company generated a total of N9.9 billion as revenue in contrast to N8.6 billion recorded as at June 30, 2018, indicating a year-on-year growth of 15.12 percent.
This occurred as the company recorded a higher cost of sales of N6.5 billion in H1 2019 compared with N6.3 billion registered in the first half of the previous year.
In the period under review, GSK Nigeria saw a lower investment income of N110.1 million, in contrast to N316.5 million recorded between January and June of 2018.
Also, the company accrued more selling and distribution costs than it did in HY 2018, as it expended N1.8 billion in HY 2019 in comparison with N1.5 billion spent in the same period last year.
However, GSK Nigeria, which recently picked Fidson Healthcare Plc to handle its local production as its moves to reduce cut of operations, had a lower administrative expenses in this first half year. The pharmaceutical company recorded N719.1 million in HY 2019 against N915.1 million in HY 2018.