GSK Consumer Nig. Plc positions for sustainability, with focus on consumer healthcare portfolio

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Wednesday, March 29, 2017 7:00am / Press Release

One of the leading fast moving consumer healthcare companies, GlaxoSmithKline Consumer Nigeria Plc, has reiterated its commitment to broadening its range of health-care products and widening distribution to boost sales after a challenging economy in 2016 and the disposal of its drinks business slashed its revenue.

The company will now focus on its OTC, Oral Health care and Pharmaceutical business with the aim of driving improved margins and sustainable growth in Nigeria. Profit after tax for the year 2016 of N4.2bn was a 335% growth compared to 2015 on the back of profits from the divested drinks business of N1.8bn and N2.4bn  (including the effect of tax credit) from continuing operations  although turnover was 21% lower than 2015.

Although the year was a very challenging one with a significantly unstable macro-economic environment and decline across all relevant categories, however the company has assured stakeholders that despite the challenging economy and the divestment, the company is better positioned for growth. GSK Consumer will now be able to focus on the pure consumer healthcare segment and enhance its brand portfolio in healthcare products and be better aligned to the Global GSK strategy of being a thoroughbred consumer healthcare company”.

Following the divestment of its drinks business, GSK has continued to fine-tune its route to market strategies to ensure reach and availability across all platforms and is focusing on driving efficiencies through consolidation in its supply chain operations, as well as its operating model.

The company has also announced plans to reward shareholders for their continued confidence in the company. The Board of Directors will be recommending to members at the 46th Annual General Meeting to be held on 31st May 2017, the declaration and payment of a dividend of =N=359 million representing 30k per ordinary share.

According to a statement from the company, “the Board and Management would like to express its gratitude to key stakeholders including shareholders, regulators, staff, GSK UK and the media for their support during a very difficult phase of the Company’s existence and look forward to more years of growing value for the benefit of all.

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