GlaxoSmithKline shareholders approve 30k dividend

Shareholders of GlaxoSmithKline Nigeria Plc have approved the board’s recommendation of a dividend of N359 million to be paid to shareholders, representing 30k per ordinary share for the year ended December 2016.

The company recorded a turnover of N14.3 billion Profit Before Tax. Similarly, Profit After Tax increased by 172 percent to N2.4bn from N873 million declared in the same period of 2015.

Speaking at the 46th Annual General Meeting held at Muson Centre Onikan in Lagos, Mr. Edmund Onuzo, Chairman, Board of Directors, attributed the company’s decline in profit to a number of factors including the challenging operating environment in the year under review.

According to him, the divestment of the company’s drinks business in Q3 was also a factor.

“This divestment has however enabled the company to align with the global strategy and focus on its core businesses with the aim of driving improved margins and sustainable growth,” he said.

The chairman emphasized that GSK would continue to support its brand through increased marketing and promotions. He disclosed that the company would drive increased local manufacturing and local content contribution to increase margins and mitigate against foreign exchange fluctuations.

“In 2017, GSK will focus on growing major brands like Sensodyne, Panadol, Andrews Liver Salt and Macleans to drive baseline profitability. These are parts of our sustainability measures, we are now more focused on our core strength and going forward, we hope to aggressively build our consumer healthcare portfolio”, he said.