Shareholders of GlaxoSmithKline Approve N658m Dividend

Goddy Egene

Shareholders of GlaxoSmithKline Consumer Nigeria (GSK) Plc have approved the N657.7 million dividend recommended for the year ended December 31, 2019. The dividend, which translates to 55 kobo per share, was endorsed by the shareholders at the company’s 49th annual general meeting (AGM) held last week.

GSK’s turnover increased from N18.41 billion in 2018 to N20.76 billion in 2019, representing a 13 per cent growth while profit after tax (PAT) rose by 48 per cent from N617.62 million to N917.10 million.

In his address to the shareholders, Chairman of GSK Plc, Mr. Edmund Onuzo, said that despite 2019 being a challenging year for manufacturers in the country, the company was able to achieve a sustainable performance on all its healthcare portfolio.

“GSK delivered a good performance in 2019 with growth in sales, earnings and strong cash generation. We also made excellent progress in our three long-term priorities: Innovation, Performance and Trust, strengthening our consumer healthcare portfolio, improving operational execution and reshaping the company.” Onuzo said.

According to him, the task before the company in the new financial year is to drive its strategic objectives that would not only keep the business afloat but make its portfolio more efficient and profitable.

Managing Director of GSK said that they were pleased with the results for 2019, saying it is a testament of the incredible work of all various stakeholders, both internal and external.

“For 2020, whilst the subdued outlook for the economy based on the current pandemic and the impact of that on the demand affordability of the consumer, we expect to still stay very focused on our strategic objectives for the year 2020 and we are confident that with the support of everybody working together, we will achieve the objectives we have set for ourselves,” he said.