GlaxoSmithKline Consumer Nigeria Plc witnessed a significant 33.76% decline in profit, dropping to N510.80 million in 2023 from N771.15 million in the previous financial year.
The company’s separate financial statements, filed with the Nigerian Exchange Limited, exposes the challenges facing the multinational firm as it moves towards winding up its operations in the country.
The Nigerian Exchange Limited suspended trading in GlaxoSmithKline Consumer Nigeria Plc shares, reflecting the company’s decision to exit Nigeria, following in the footsteps of other multinationals considering similar moves. The financial statements revealed a sharp decline in revenue, plummeting to N16.44 billion from N25.38 billion in 2022, further indicating the complexities surrounding the company’s operations in the Nigerian market.
GlaxoSmithKline’s latest financial report delineated contrasting performances within its business segments. The consumer healthcare division, encompassing oral care and over-the-counter medicines, reported a profit of N1.89 billion. Conversely, the pharmaceuticals segment, including antibacterial, vaccines, and prescription drugs, incurred a notable loss of N679.94 million, underscoring the varied dynamics influencing the company’s financial performance.
Source: Punch