After a year it sold off its bottled drinks unit to Suntory Beverages, Glaxosmithkline Consumer Goods (GSK) profit rose by 99% in 2016.
GSK said its gross profit of NGN8.9 billion for fourth quarter 2016 compared to NGN5.4 billion recorded in the financial year 2015. As a sign that it is no longer shouldering costs from its sold off unit, the company’s cost of sales for 2016 decreased to NGN5.4 billion against NGN9.9 billion recorded in 2015.
The company said it recorded administrative expenses of NGN1.1 billion compared to NGN1.3 billion recorded same period 2015.
Glaxosmithkline recorded NGN185.8 million as profit before taxation compared to NGN1.0 billion recorded in 2015. After all deductions and expenses, the company profit for the year in review increased by 99% to NGN4.2 billion from NGN965.0 million recorded in fiscal year 2015.
The company closed the year with total asset worth NGN28.1 billion in 2016 compared to NGN31.3 billion recorded in 2015. It recorded total liabilities of NGN11.1 billion compared to NGN18.1 billion recorded in the year 2015.
Glaxosmithkline consumer ended the year with revenue of NGN14.3 billion against NGN15.3 billion recorded in 2015.