challenges •Endorse 55k dividend

By Peter Egwuatu

Shareholders of GloxoSmithKline Consumer Nigeria, GSK Plc, have lamented that the company was facing low production.

They also expressed worry over the lingering foreign exchange, forex, scarcity and high cost of production that have continued to affect the operations of the company.

Consequently, the shareholders called on the Federal Government to address the forex challenges as well as the high cost of production bedevilling the manufacturing industries.

Speaking at the company’s annual general meeting, AGM, Chairman of GSK Nigeria, Mr. Edmund Onuzo, said: “Despite all these operating challenges, we were able to navigate the headwinds and deliver healthy growth.

Commenting on the financial performance, he said: “Our company’s revenue grew by 13% to N25.38 billion from N22.45 billion in 2021, while the cost of sales increased by 13% to N18.45 billion from N16.27 billion. Notably, the company’s profit after tax for 2022 increased by 17% to N771.15 million compared to N658.81 million reported in 2021.

“Despite the challenging terrain, the increase in Profit after Tax) (PAT) reflects a growing and profitable business. Therefore, your Board is pleased to recommend a dividend of N657.73 million, representing 55 kobo per ordinary share subject to the approval of shareholders.”