Not Saved By Sell Off? GSK PLC Net Profit Tumbles By 732.6%

After selling off its bottled drinks and beverage division, is still in negative territory, GSK PLC said its net profit for the nine months period of the year fell by 732.6%

In a statement release to the NSE, the company said its net profit for the nine months period was a loss of NGN4,0 billion compared to a net profit of 485 million posted last year.

Gross revenue for the period fell to NGN20,5 billion versus NGN23,0 billion disclosed last year.

The company has gained some level of cost efficiency as its cost of sales was cut down to NGN14,7 billion. Last year, its cost of sales was NGN15,3 billion.

Gross profit for the period fell to NGN5,8 billion. Last year, its gross profit was NGN7,6 billion.

Total asset for the period declined NGN 38,3 billion compared to NGN29,8 billion. Its total liabilities was NGN29,5 billion compared to NGN17,0 billion.

The company has sold its drinks unit to Suntory Beverages, a Japanese company with global operations across alcoholic and non alcoholic beverages.

Corporate information

The Company is a public limited liability company incorporated in 1971 and domiciled in Nigeria where its shares are publicly traded. 46.4% of the shares of the Company are held by Setfirst Limited and Smithkline Beecham Limited (both incorporated in the United Kingdom); and 53.6% by Nigerian shareholders.

The ultimate parent and ultimate controlling party is GlaxoSmithlkline Plc, United Kingdom (GSK Plc UK). GSK Plc UK controls the Company through Setfirst Limited and Smithkline Beecham Limited.

The registered office of the Company is located at 1 Industrial Avenue, Ilupeju, Lagos. The principal activities of the Group are manufacturing, marketing and distribution of consumer healthcare and pharmaceutical products.

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