GSK Consumer Nigeria Plc records 3.34% increase in 2020 9M revenues

GSK Consumer Nigeria Plc reported revenues of N16.45 billion in 2020 9M compared to N15.92 billion same period in 2019.

Key highlights for 2020 9M

• Revenues increased to N16.45 billion, +3.34% YoY.
• Revenues from consumer healthcare declined to N4.70 billion -3.20% YoY.
• Revenues from pharmaceuticals increased to N11.75 billion, +6.21% YoY.
• Administrative expenses increased to N1.41 billion, +18.61% YoY.
• Investment income declined to N63.04 million, -62.05% YoY.
• Pre-tax profits increased to N638.71 million, +4.19% YoY.
• Earnings Per Share remained 36 Kobo YoY.

(READ MORE: GSK, Sanofi to agree $624 million deal with UK for COVID-19 vaccine)

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Bottom Line

GSK Consumer Nigeria Plc recorded an increase in its pharmaceuticals’ revenue-generating unit, as total revenues increased despite a dip in the consumer healthcare unit.

The rise in the pharmaceuticals unit is understandable, considering the recent rise in revenues of pharmaceutical companies due to COVID-19. Although profits increased in the period under consideration, rising administrative costs constituted a drag on the company’s profitability.