51st AGM: GSK Consumer Nigeria PLC grows revenue by 5.42% amid tough operating environment

GlaxoSmithKline Consumer Nigeria Plc, a leading research-based pharmaceutical, and healthcare company has declared a dividend of N538.14 million for the year ended December 2021. The declaration follows an impressive 5.42% growth in revenue of N22.445 billion amidst a very challenging operating environment compared to N21.30 billion recorded in 2020.

During the Company's 51st Annual General Meeting, which was held in Lagos, shareholders approved the dividend at 45kobo per share, representing a 11.11% increase from the 40kobo declared in 2020. The shareholders appreciated this growth and reaffirmed their belief in the leadership of the company to grow the business into the next year.

According to the financial statement of the Company, profit after tax for the year under review grew by 5.88% to N658.81 million from N622.23 million in 2020.

Speaking at the AGM, the Chairman of the Board of Directors at GlaxoSmithKline Consumer Nigeria Plc, Mr Edmund Onuzo thanked the shareholders for their support throughout the year and promised that the Board and Management will continue to explore opportunities for the growth, profitability and sustainability of the Company.

Onuzo commended the Nigerian government's efforts to achieve economic stability in the system and stated that the country will remain on the path of growth and development if the several economic reforms of the government are diligently implemented.

“It is encouraging to note that the Nigerian government is constantly adopting different mechanisms to diversify the Nigerian economy from the single-minded posture that largely depends on oil revenue for foreign exchange. Whilst we appreciate the efforts of the Government, it is important to enjoin them to maintain the focus on improving the operating environment with more policies aimed at providing a more conducive environment for businesses to thrive”, he said.

Regarding the Company's social support activities particularly during the Covid-19 pandemic, Onuzo said GSK’s special purpose is to improve the quality of human life by helping people do more, feel better and live longer.

“In 2021, through GSK’s partnership with Save the Children International (SCI) (INSPIRING project) GSK donated medical equipment, instruments, and consumables worth over N100 million to 30 health facilities in Lagos and Jigawa States in Nigeria. Additionally, we made a direct donation of Personal Protective Equipment (PPE) to the Nigeria Association of Resident Doctors (NARD) and Medical Guild, Lagos to provide much-needed protection to our frontline health workers”, Onuzo explained.

In his remarks, the Managing Director of GlaxoSmithKline Consumer Plc, Mr Kunle Oyelana said the achievement in the year under review is reflective of a collaborative effort from all key stakeholders of the healthcare delivery subsector.

According to Oyelana, GSK is committed to remaining Nigeria's leading healthcare company, with its pharmaceuticals, vaccines, and consumer healthcare products allowing Nigerians to do more, feel better, and live longer.

“We are pleased with the results for 2021, it spoke to our dedication and partnership with stakeholders in ensuring growth in the business and the resilient spirit of the GSK team. We will continue to evolve to ensure sustained growth in our business operations bordered around our three business areas of pharmaceuticals, vaccines and consumer healthcare”, he said.

About GSK

GSK Consumer Nigeria Plc – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. Our Head Office is located at 1, Industrial Avenue, Ilupeju. We own some of the world’s best-loved healthcare brands including Sensodyne, Macleans, Panadol, and Andrews Liver Salt. For further information please visit www.gsk.com.ng

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