News Column

GSK Pays N1.2 Billion Dividend, Pledges More Investment

June 12, 2014

Shareholders of GlaxoSmithKline (GSK) Consumer Nigeria Plc yesterday approved a dividend of N1.243 billion for the year ended December 31, 2103 even as they commended Chief Olusegun Osunkeye for his contributions to the growth of the company over the years.

Osunkeye announced his retirement as chairman of GSK Nigeria yesterday at the 43rd Annual General Meeting (AGM) of the company in Lagos, while Mr. Edmund Onuzo became the new chairman.

The dividend, which translated into 130 kobo per share, was approved by the shareholders at the AGM.

Speaking on the performance of the company, Osunkeye said GSK Nigeria recorded a revenue growth of 15.3 per cent from N25.3 billion in 2012 to N29.18 billion in 2013.

He attributed the growth in revenue to product development in the consumer healthcare segment and continued sales, marketing and distribution efforts as well as the company's strong presence across Nigeria.

Profit before tax rose from N4.17 billion to N4.31 billion, while profit after tax grew from N2.82 billion to N2.99 billion.

He noted that the company has been able to sustain a steady growth due to the brand equity enjoyed by virtue of its parent company and robust product portfolio.

"The continuous investments and technical assistance from our major shareholder, GSK Plc, UK, have been critical to the success of our company and also being the market leader in the healthcare sector in Nigeria.

"I thank our business partners, distributors, suppliers and service providers without whose support and cooperation the success could not have been achieved," he said.

Osunkeye said GSK will continue to invest in Nigeria to ensure that its products are made more available to its esteemed consumers. He thanked the shareholders for their belief in the company and their continuous investment in the growth of the company.

Meanwhile, the stock market closed on a positive note yesterday as the Nigerian Stock Exchange (NSE) All-Share Index rose by 0.29 per cent to close at 41,642.55.

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Source: AllAfrica

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