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GSK holds 48th Annual General Meeting, declares 50k per share dividend

GlaxoSmithKline Consumer Nigeria Plc has declared a N617.62 million profit after tax as shareholders receives 50k per share as dividend for the year ended December 2018. The profit after tax grew by 26.97% from N486.43m recorded in 2017, even as the shareholders charged the management on continuous development.

L-R: Managing Director, GlaxoSmithKline Consumer Nigeria Plc, Mr. Bhushan Akshikar; Chairman Board of Directors, GlaxoSmithKline Consumer Nigeria Plc, Mr. Edmund Onuzo; Company Secretary and General Counsel, GlaxoSmithKline Consumer Nigeria Plc, Mr. Uche Uwechia; and Finance Director, GlaxoSmithKline Consumer Nigeria Plc, Mr. Kareem Hamdy at the 48th Annual General Meeting of the company in Lagos…Thursday.

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The company recorded a sales revenue increase from N16.089bn in 2017 to N18.411bn, representing a 14.43% rise, profit before tax inched 3.19% from N1.124bn to N1.16bn.

Speaking at the 48th Annual General Meeting held in Lagos, Mr. Edmund Onuzo, Chairman, Board of Directors, said that the company is focused on building sustainability around its consumer healthcare portfolio.

L-R: Chairman Board of Directors, GlaxoSmithKline Consumer Nigeria Plc, Mr. Edmund Onuzo; Company Secretary and General Counsel, GlaxoSmithKline Consumer Nigeria Plc, Mr. Uche Uwechia; and Finance Director, GlaxoSmithKline Consumer Nigeria Plc, Mr. Kareem Hamdy and Independent Non-Executive Director, GlaxoSmithKline Consumer Nigeria Plc, Mr. Tunde Lemo, at the 48th Annual General Meeting of the company in Lagos…Thursday.

“Despite the economic challenges, we have remained focused on our short and long term growth ambitions with strong emphasis on operational intensity, cost optimization, growing market share across our key categories as well as reinventing our business operations.”

“We would continue to support the GSK brand through increased marketing and promotions. Since 2017, our focus has been on growing major brands like Sensodyne, Panadol, Andrews Liver Salt to drive baseline profitability. We are now more focused on our core strength and in the years to come, we hope to sustainably build our consumer healthcare portfolio” Onuzo said.

Onuzo further disclosed that the company would continue to drive increased local manufacturing and local content contribution via its recently announced contract manufacturing model to improve margins and mitigate against foreign exchange fluctuations.

“We are strongly committed to attaining and sustaining high performance and would continue to invest in human capital and sustainable corporate responsibility initiatives. Although the manufacturing sector experienced major challenges in the year 2018, we are glad our shareholders supported us and still got returns on their investment. We will continuously work to ensure that the company fulfills its mission to improve the quality of human lives by enabling people to do more, feel better and live longer” he added.

At the meeting, the shareholders approved a dividend of 50k per share as proposed by the Board.  

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