GlaxoSmithKline Releases Annual Report For 2020, Records Profit Of Over N622 Million

Healthcare and Pharmaceutical company, Glaxo SmithKline Consumer Nigeria Plc, released its financial results for the year 2020.

The company recorded annual revenue of N21.3 billion, a 2.6 percent increase from the previous year's 20.8 billion. Profit before tax was N1 billion, compared to the N1.2 billion recorded in 2019. Profit after tax was N622.2 million, a drop from the N917 million recorded in 2019. The cost of sales was N15.4 billion, a 4.6 percent increase from the N17 billion spent the previous year. Administrative expenses reached N1.6 billion, 17.6 percent less than the N1.9 gotten in 2019. 

Altogether, retained earnings of the company stood at N8.47 billion, not too far from the N8.5 billion it earned in 2019. It has a total of 27,337 shareholders, with the number of holdings at exactly 1,195,876,488. It has a market capitalization of $8.1 billion, with Glaxo SmithKline's share price at N6.8 on the Nigerian Stock Exchange. 

Compared to the pharmaceuticals industry in Nigeria that has an average PE ratio of 8.9x, GlaxoSmithKline Nigeria is good value with a PE ratio of 8.6x. Its earnings have consistently grown by 6.3 percent over the past 5 years.

According to the report, the company has total assets worth N23.8 billion and liabilities worth just over N14.6 billion. The company isn't in debt and hasn't been for the past five years.

About Company GlaxoSmithKline

GlaxoSmithKline Consumer Nigeria Plc is a pharmaceutical and healthcare company based in Nigeria. The core activities of the company include manufacturing, marketing, and distribution of consumer healthcare and pharmaceutical products. The company operates in two segments, namely; Pharmaceuticals and Consumer Healthcare. 

The Pharmaceuticals segment consists of anti-bacteria, vaccines, and prescription drugs and has led to the creation of healthcare brands, like relief medicine brand - Panadol, digestive health problem brand - Andrews Liver Salt, oral health products like Macleans and Sensodyne, as well as a 

 range of pharmaceuticals, including Ampiclox, Amoxil, Augmentin, and vaccines. The manufacturing unit of the company is located in Ogun State.

Formerly known as Beecham Limited, it changed its name to GlaxoSmithKline Consumer Nigeria Plc and was Incorporated in 1971. 

The company provides drugs for the treatment of pneumonia, asthma, malaria, and a host of other bacterial infections, as well as diabetes, HIV/AIDS, cervical cancer, and hepatitis vaccines among others.