GSK Nigeria Posts N771m Profit on N25bn Sales
GlaxoSmithKline Consumer Nigeria Plc has posted N771.146 million annual profit for the financial year 2022. The amount came as the company’s revenue jumped to N25.382 billion from N22.449 billion in 2021.
In 2021, the company went home with N658.811 million annual profit, representing a 17.05% year-on-year growth to N771.146 million in 2022.
Its costs of sales spiked by 13.4% to N18.452 billion in 2022 amidst an increase in the general price level in its Nigerian market. In 2021, the company reported its costs of sales printed at N16.270 billion.
Though selling and distribution costs declined, its administrative spending surged while operating profit grew, supported by healthy topline growth in 2022.
Amidst high interest rate environment in Nigeria, GSK boosted revenue from short-term investment placement. Its finance income grew by about 242% to N319.508 million from N93.545 million in 2021.
The consumer goods company reported that impairment costs moderated significantly in 2022 to N5.917 million from more than N24 million booked in 2021.
Pretax profit came at N1.242 billion, more than 31% above N945 million declared in the financial year 2021. Meanwhile, higher tax provisions dragged overall annual profit growth.
In 2021, GSK Plc’s profit after tax printed at N771.146 million, which was 17.05% above N658.811 million reported a year earlier by the company. # GSK Posts N771m Profit on N25bn Sales
