GlaxoSmithKline Consumer Nigeria Plc. has posted N771.146 million profit for the financial year 2022.
The amount came as the company’s revenue jumped to N25.382 billion from N22.449bn in 2021.
In 2021, the company went home with N658.811m profit, representing a 17.05 per cent year-on-year growth to N771.146m in 2022.
Its costs of sales spiked by 13.4% to N18.452bn in 2022 amid an increase in the general price level in its Nigerian market. In 2021, the company reported its costs of sales printed at N16.270bn.
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Though selling and distribution costs declined, its administrative spending surged while operating profit grew, supported by healthy topline growth in 2022.
Amid the high-interest rate environment in Nigeria, GSK boosted revenue from short-term investment placement. Its finance income grew by about 242% to N319.508m from N93.545m in 2021.
The consumer goods company reported that impairment costs moderated significantly in 2022 to N5.917m from more than N24m booked in 2021.
Pretax profit came at N1.242bn, more than 31% above N945m declared in the financial year 2021. Meanwhile, higher tax provisions dragged overall annual profit growth.
In 2021, GSK Plc. profit after tax printed at N771.146m which was 17.05% above N658.811m reported a year earlier by the company.
