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GlaxoSmithKline holds 49th AGM, declares N657.7m dividends

GlaxoSmithKline Consumer Nigeria Plc has declared a Profit After Tax (PAT) of N917 million, shareholders will receive 55 kobo per share as dividend, a total of N657.7m for the year ended December 2019.

The company’s annual turnover increased from N18.41 billion in 2018 to N20.76 billion in 2019, representing a 13% growth while PAT rose from N617.62 million to N917.10 million.

Mr. Edmund Onuzo, Chairman, Board of Directors said at the company’s 49th Annual General Meeting (AGM) which held recently that despite 2019 being a challenging year for manufacturers in the country, the company was able to achieve a sustainable performance on all its healthcare portfolio.

“GSK delivered a good performance in 2019 with growth in sales, earnings and strong cash generation.  We also made excellent progress in our three long-term priorities: Innovation, Performance and Trust, strengthening our consumer healthcare portfolio, improving operational execution and reshaping the company.” Onuzo said.

He further disclosed that the task before the company in the new financial year is to drive its strategic objectives that would not only keep the business afloat but make its portfolio more efficient and profitable.

Onuzo affirmed that achieving these objectives may be challenging most especially with the current realities of COVID-19 which has resulted in major shifts in the stock market and a global economic slowdown.

Kunle Oyelana, Managing Director, GlaxoSmithKline Consumer Nigeria Plc expressed his confidence in the economic outlook for 2020 while expressing appreciation for the immense support from all stakeholders.

“We are pleased with the result for 2019, despite it being a very challenging year, we were able to deliver significant topline and profit growth. These results are a testament of the incredible effort put in by the team and all our partners - internal and external. Although 2020 has began with a subdued economic outlook driven majorly by current pandemic, we remain confident of achieving our strategic objectives for the new year”

Meanwhile, Onuzo mentioned that the company is presently at the forefront of global research aimed at discovering a vaccine or drug for the treatment of the Coronavirus.

“At GSK, we remain hopeful that very soon, we will all return to our normal ways of living. To this end, we are more committed than ever before to our mandate of driving innovations that would enable people to do more, feel better and live longer.” Onuzo concluded.