GlaxoSmithKline Consumer Nigeria Plc has released it's annual report and financial statements for the year ended December 31, 2019. While the company recorded growth in its revenue and profit, GlaxoSmithKline's consumer healthcare revenue suffered a decline, dragging the total revenue growth down.
The company recorded an increase in its total revenue after generating N20.7 billion in the year ended December 31, 2019, a rise from the N18,4 billion it recorded in the corresponding period of 2018. GlaxoSmithKline Consumer Nigeria Plc's gross profit increased slightly after cost of sales jumped.
Compared to the N5.9 billion gross profit of corresponding period in 2018, GlaxoSmithKline Consumer Nigeria Plc generated N6 billion in the year ended 2019, reflecting the impact of the cost of sales which increased to N14.7 billion last year, from the N12.4 billion it cost the company to manufacture its products and distribute them to customers in 2018.
Profit Before Tax also increased slightly to N1.169 billion in 2019 from N1.160 billion, while Profit After Tax also rise when both periods are compared, as GlaxoSmithKline Consumer Nigeria Plc recorded N917.1 million in 2019, increasing significantly when compared to the N617.6 million in 2018.
Meanwhile, the manufacturer of Andrews Liver Salts, Panadol, Macleans and Sensodyne could have recorded a higher revenue, however, its consumer healthcare revenue segment dropped to N6.2 billion in the year ended 2019, from the N6.4 billion it generated in the corresponding period of 2018.
But its Pharmaceutical segment had a revenue growth after it generated N14.4 billion last year - a significant growth when compared to the N11.9 billion it generated in the corresponding period of 2018.
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