GlaxoSmithKlime's Profit Hits N208.1m in 3 Months
By Uche Obike and Tunyosola Ayansiji
GlaxoSmithklime Consumer Nigeria Plc announced a profit after tax of N208.1 million recorded during its first quarter ended March 31, 2004, compared with N177.9 million in 2003. This represents a profit growth by N30.2 million or 16,9 per cent.
The company's unaudited financial results for the same period also revealed a turnover of N1.7 billion, as against N1.4 billion in the comparable period of 2003, representing an increase by N300 million or 21.4 per cent.
The Chairman of GlaxoSmithKline, Chief Olusegun Osunkeye announced that the company made substantial progress during the year ended December 31, 2003 as turnover and profit before tax grew by 38 per cent and 36 per cent respectively.
"This is the first time in the history of your company that Profit Before Tax crossed the N1.0 billion mark," Osunkeye told the shareholders at the recent Annual General Meeting of the company.
He revealed further that the company re- invested substantially on its brands, manufacturing facilities and human resources to enable it sustain its market leadership and maximise returns to stakeholders.
He called on Nigerians of goodwill to join hands with the healthcare subsector in supporting the National Agency for Food, Drug Administration & Control (NAFDAC) in its crusade against counterfeit and fake substances.
Osunkeye said that NAFDAC's current move to stamp out sub-standard drugs would create a new and improved image for the country in the comity of Nations.
"The unfolding image already attested to by the numerous international awards won by the head of the agency will, if sustained, have tremendous economic and social impact on our trade and consular relationships with other Nations of the World" Osunkeye said.
"In further demonstration of our commitment to the country, our company, which recorded tremendous success under its 3-Year Turn-Around Programme, is embarking on a new business strategy in 2004. The thrust of the new approach is business growth and development, relying on a new manufacturing and supply chain in order to reinforce marketing and sales," he said.
To achieve the new strategy, the Chairman announced that the newly appointed Managing Director in the person of Mr. Linus Gitahi has demonstrated competence in other markets similar to Nigeria where he had worked.
He added that the company's plans for the future include the consolidation of manufacturing on one site in order to achieve further synergies, aggressive marketing strategy to drive sales and new products/business development.
According to him, the National Agency for Food, Drug Administration & Control continued to demonstrate exemplary competence as an apex regulatory body in spite of the recently reported infernos, which affected some of the agency's offices in the country. He expressed satisfaction that the Agency has been unrelenting in its mission as the impact of its anti-counterfeit crusade has been very positive and phenomenal in the real sector and in the healthcare subsector in particular.
Osunkeye urged "all Nigerians, both corporate and individuals to rise and fully support NAFDAC and other Regulatory Agencies so that our ethical and business practices would be in full alignment with international standards."
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