GLAXOSMITHKLINE Consumer Nigeria Plc has declared a profit after tax of N623.01 million for the year ended December 2020 amidst the celebration of its 50 years of existence in Nigeria.
The shareholders of the Company also approved a dividend of N657.7 million at 40k per share at the 50th Annual General Meeting of the Company held in Lagos.
The results also showed that the Company’s Turnover grew by 3 per cent to close at N21.3 billion as against N20.7 billion recorded in 2019.
Presenting the results to the shareholders, Mr. Edmund Onuzo, the Chairman, Board of Directors at GlaxoSmithKline Consumer Nigeria Plc. said despite the challenging economic environment, particularly for manufacturers in the country, the company was determined to achieve a sustainable performance across all its portfolio.
“The year 2020 presented a difficult and unpredictable business environment globally. In Nigeria, many events shaped our business environment, but I will like to focus on a few. My focus will include the unprecedented lockdowns due to the COVID-19 pandemic,insecurity and the #EndSARS protest that took place towards the end of the year” Onuzo said.
“The performance of our Company in 2020 reflected our determination to remain strong and deliver value to our esteemed customers and stakeholders in a challenging economic climate. We will continue to invest in our brands and our people to achieve sustainable growth and development”, Onuzo assured.
Commenting on the company’s performance for the year, Kunle Oyelana, Managing Director, GlaxoSmithKline Consumer Nigeria Plc said the achievement is a result of collaborative support from all key stakeholders of the healthcare delivery subsector.
Oyelana noted that in the last 50 years, GSK has remained Nigeria’s leading healthcare company focused on enabling Nigerian to do more, feel better and live longer with our Pharmaceuticals, Vaccines, and Consumer Healthcare products.
“We are pleased with the results for 2020 as it showed the resilient spirit of the GSK team. Importantly, we at GSK were able to support the government’s efforts at managing COVID-19 in Nigeria via donations of Personal Protective Equipment (PPEs) through industry associations and our partners, Save the Children”, Oyelana said.
While felicitating with the management and commending the company for waxing stronger over the last 50 years, despite the harsh business environment, Chairman of the Audit Committee, Kashimawo Taiwo, noted that the shareholders are glad to approve the payment of 40 kobo as dividend, having realised that the time is hard and the year 2020 has been very challenging and “a lot of companies faced a lot of difficulties”.
“The operating environment has been very harsh, so for the company to come out with increase in the turnover, has been very great effort for them, and for them giving us the 40kobo dividend, it is very encouraging for every shareholder, we really appreciate that”, Taiwo noted.
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