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GSK Consumer Nigeria responds to Nairametrics report

GSK issued a statement to the Nigerian Stock Exchange in response to a story by Nairametrics. Yet, it had refused to respond to an email from Nairametrics seeking clarification prior to the publication of the story.

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In a notice sent to the Nigerian Stock Exchange yesterday, GlaxoSmithKline Consumer Nigeria Plc (GSK) responded to a story by Nairametrics pertaining to the company’s declaration of a dividend despite the non-release of its audited financial statements.  

The firm stated that its 2018 full year audited results would be released on or before the 28th of March 2019. 

“The attention of GlaxoSmithKline Consumer Nigeria Plc (GSK) has just been drawn to a publication on the online edition of Nairametrics on the unavailability of our Company’s 2018 Year End Audited Financial Statements despite the publication of the proposed
dividend…

“The 2018 Audited Financial Statements (2018 AFS) is currently undergoing review and would be filed with The Exchange on or before the 28th day of March 2019.”

In addition, the closed period would be maintained, until the results were released. During a closed period, directors, and parties with access to sensitive information can not sell their shares.

“Consequently, the closed period restricting all Directors and insiders from transacting in the shares of the company remain in place until 24 hours after the release of the Financial Statements to the public.”

The trigger  

Nairametrics, in a story published last week, expressed concern that the pharmaceutical giant had released a dividend notice for the 2018 financial year, without accompanying results.  

In addition, concerns were raised over the possibility of insider trading .

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“The absence of results, while not intended, could create room for manipulation, since only those with insider information are aware of the results.”

The company’s investor relations did not respond to an email sent by one of Nairametric’s analysts prior to the publication of the story last week. Also, the company did not give any reasons for the action until the report by Nairametrics 

GSK Consumer Nigeria closed at N10.80 in yesterday’s trading session, unchanged from the prior day. Year to date, the stock is down 25.5%, underperforming the Nigerian Stock Exchange, which is down 1.2% 

Results for the nine months ended September 30, 2018, show that revenue increased from N11.4 billion in 2017 to N13.9 billion in 2018. Profit before tax stood at N507 million, as against a loss before tax of N651 million in 2018. Profit after tax stood at N351 million in 2018, compared to a loss after tax of N651 million in 2017. 

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

1 Comment

1 Comment

  1. Julius

    March 27, 2019 at 8:08 am

    Well done Nairametrics

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Business

FG to facilitate removal of tax on minimum wage, as NLC suspends strike

The FG has stated that it will work to facilitate the removal of tax on minimum wage.

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The Nigerian Government says it is working to facilitate the removal of tax on minimum wage and also agreed to work with labour unions in the housing and gas schemes as the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC)  suspended the planned nationwide strike after a consultative meeting with the FG.

This was announced in a statement by the Nigerian government on Monday morning, following meetings held between FG and Labour unions on the 15th, 24th and 27th of September.

Nairametrics reported earlier the NLC and the Trade Union Congress (TUC) have suspended the planned nationwide strike and protest that was to commence on Monday, September 28, 2020, over the recent hike in electricity tariff and petrol pump price.

In the agreement between the Federal Government and organized labour, the hike in electricity tariff is to be suspended for a period of 2 weeks, while the new pump price of petrol is to remain unchanged.

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FG and Labour agreed to set up a technical committee on Electricity Tariff reforms. The terms of reference for the technical committee include;

  • To examine the justification for the new policy on cost-reflective electricity tariff adjustments.
  • To look at the different Electricity Distribution Companies (DISCOs) and their different electricity vis-à-vis NERC order and mandate.
  • Examine and advice government on the issues that have hindered the deployment of the 6 million meters.
  • To look into the NERC act under review with a view to expanding its representation to include organized labour.

In the recent statement, the FG said, “We will ensure delivery of 1 million CNG/LPG Autogas Conversion Kits, Storage Skids and Dispensing Units under the Nigeria Gas Expansion Programme, by December 2021. A Governance Structure for this project will be established, and will include Labour Representatives. FG will work to facilitate removal of tax on minimum wage… Ongoing FG Housing Initiatives will have 10 percent allocated to Nigerian workers.”

The FG also announced that it will provide Labour with 133 LPG-driven Mass Transit Buses immediately, which would be used in cities across the nation and would be extended to all LGAs before December 2021.

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Corporate Press Releases

Baba Bajaj: Runs faster, lasts longer, covers 5500 kms on tough Nigerian roads

The rally took up the challenge of proving how credible the product and also engaged the stories of the riders.

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For the first time ever, Nigeria experienced its own keke rally that kicked off on 7th August from the Stallion Auto Keke – Ijesha Showroom for Bajaj Kekes. The Stallion Bajaj Keke Rally has now completed a tough terrain of 5594 kms through 27 cities and 18 states in the West, East and North Central in less than 41 days. It consisted of a team of 5 experienced riders and the Stallion Bajaj officials and security agents. Collectively the convoy covered more than 26000 Kms without any product issues.

Managing Director for the business, Mr. Manish Rohtagi stated that “The Keke Rally really boasts on how the New Baba Bajaj is tough, strong, reliable, and well equipped for the Nigerian roads. Having covered almost more than 5000 kms the Kekes did not face any performance or maintenance challenges. It kept its brand promise of “Runs Faster, Lasts Longer” through every rider who was a part of this rally.”

 

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The rally was flagged off from Lagos and covered states like Ogun, Oyo, Kwara, Kogi, Benue, Enugu, Ebonyi, Cross River, Akwa Ibom, Abia, Rivers, Anambra, Delta, Edo, Ondo, Ekiti, Osun, to prove the durability of  Bajaj Keke. It even spread the message of urging people of Nigeria to be responsible in maintaining hygiene to curb the spread of Corona Virus. The Stallion Bajaj Keke Rally visited celebrated cultural and historic sites in each state highlighting and sharing the Nigerian culture of host communities. The journey to these sites brought forth the stories around it to encourage connecting the youth to their rich heritage.

The vision from this rally was not only to take up the challenge of proving how credible the product is but also engaging in the stories of these riders that will go on to make the brand what it is. The alliance of Stallion and Bajaj will continue to improve lives by going an extra mile providing rider-training facilities, scholarship programmes, mechanic empowerment programmes, ease in financing, ease of spare part availability and differentiated customer service through its existing footprints within the auto industry.

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Bajaj Auto Ltd. is a world leader in the intra city vehicle space. Loved in 70 countries the brand stands for integrity, dedication, resourcefulness, and determination to succeed and empower. It is a well-known brand for its durability, speed and manuverability and is the pioneer brand of tricycles in Nigeria loved by millions. It’s a keke for the people engineered for a smooth journey and better livelihood.

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Business

After 22 years, NBS is set to commence National Business Sample Census

The National Business Sample Census is expected to commence on October 12 2020, and end on December 12 2020.

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Dr Yemi Kale, National Bureau of Statistics, NBS, Federation Account Allocation Committee, FAAC

The National Bureau of Statistics, with the support of the World Bank, has commenced the process of implementing the 2020 National Business Sample Census (NBSC) in Nigeria. This is exactly two decades and two years after the last business census of establishments in the country.

This disclosure was stated in a circular signed by Ichedi, Sunday Joel, Head, Public Affairs & International Relations Unit, which was released by the Statistician-General of the Federation this morning.

The Survey which is coming after a similar one conducted twenty-two years ago (1997/98) is necessary, especially now that the current government is re-structuring the economy for faster growth through support to Small, Medium and large-scale enterprises, in order to increase their productivity.

The National Business Sample Census is expected to last two months from October 12 to December 12.

The main objectives of NBSC includes:

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• To compile, frame, and develop instruments and concepts, establish standards and methodology for industrial and business surveys in Nigeria.
• To serve as a benchmark for updates of subsequent commercial and industrial sector statistics.
• To develop a national directory of commercial and industrial business establishments, with all their associated social and economic characteristics
• To provide the country with comprehensive and detailed information about the structure of the Nigerian economy.

The Census will cover all the thirty-six (36) states of the Federation and FCT, with establishments in all economic sectors involved in the exercise.

For the avoidance of doubt, the establishments to be covered should have a fixed structure and location, a separate shop with a different entrance, and enclosed from dwelling place (in the case of residential areas), shops should have locks and keys for a market setting. While kiosks and shops under the umbrella are not to be listed during the census.

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All commercial and industrial businesses in each LGA will be identified and listed by the state. Name, location address, postal address, phone number, email address, year of commencement, number of activities engaged in, main type of activity, and others are questions that will be asked.

NBS enumerators with customized T-Shirts and Face Caps will visit your establishment, at any date within the stipulated period, to collect necessary information for the census. Please oblige them with the information, as your cooperation is germane towards the successful execution of the census exercise.

However, the Bureau wishes to assure you that any information given will be kept in absolute confidentiality, and will not be divulged to a third party.

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