By Amaka Ifeakandu
Lagos
GlaxoSmithKline Consumer Nigeria, GSK Plc, has recorded drop in its turnover for the financial year ended December 31, 2016. According to the result submitted to the Nigerian Stock Exchange, NSE the company’s turnover dipped by 21 per cent to N14.4 billion from N15.4 billion reported in the preceding year.
The company reported a total comprehensive Profit After Tax, PAT of N4.2 billion, representing a 335 per cent growth compared to N965.047 million recorded in 2015 on the back of profits from divested drinks business of N1.8 billion and N2.4billion (including the effect of tax credit) from continuing operations.
.The company has also announced plans to reward shareholders for their continued confidence in the company. The Board of Directors has proposed dividend payment of N359 million to shares and it is expected to be approved at the 46th Annual General Meeting to be held on 31st May 2017. The total amount to be paid representing 30 kobo per ordinary share held by investors.
According to a statement from the company, “the Board and Management would like to express its gratitude to key stakeholders including shareholders, regulators, staff, GSK UK and the media for their support during a very difficult phase of the Company’s existence and look forward to more years of growing value for the benefit of all.”
GSK also reiterated its commitment to broadening its range of health-care products and widening distribution to boost sales after a challenging economy in 2016 and the disposal of its drinks business slashed its revenue.
The statement said “Our company will now focus on its OTC, Oral Health care and Pharmaceutical business with the aim of driving improved margins and sustainable growth in Nigeria.”
