GLAXO's net profits improve remarkably by 52% on account of higher sales
MG News | March 19, 2019 at 10:29 AM GMT+05:00
March 19, 2019 (MLN): GlaxoSmithKline Consumer Healthcare Pakistan Limited (GSKCH) has announced net earnings of Rs. 1.07 billion for the year ended December 31, 2018, showing a 52% increase as compared to last year. The Earning per share of the company stood at Rs. 9.18, i.e. 24% higher than that if last year.
The remarkable progress in the net profits was a result of massive improvement in the company’s topline earnings, which grew by 79% to Rs. 14.8 billion.
Even though the company’s cost of sales almost doubled up over the year, the company still managed to report a positive gross profit margin.
Moreover, in spite of a major increase in the company’s financial charges, the net impact on the company’s final earnings of this change was insignificant.
The company also announced a final cash dividend of Rs. 5 per share, i.e. 50%, was announced in the aforementioned period.
| Profit and loss account for the year ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Sales | 14,875,268 | 8,298,142 | 79.26% |
| Cost of Sales | -10,535,195 | -5,196,906 | 102.72% |
| Gross Profit | 4,340,073 | 3,101,236 | 39.95% |
| Selling, Marketing and distribution expenses | -2,376,943 | -1,822,037 | 30.46% |
| Administrative expenses | -288,796 | -192,969 | 49.66% |
| Other operating expenses | -127,198 | -88,464 | 43.79% |
| Other Income | 141,362 | 181,205 | -21.99% |
| Operating Profit | 1,688,498 | 1,178,971 | 43.22% |
| Financial Charges | -225,805 | -8,134 | 2676.06% |
| Profit before taxation | 1,462,693 | 1,170,837 | 24.93% |
| Taxation | -388,140 | -464,023 | -16.35% |
| Profit after taxation | 1,074,553 | 706,814 | 52.03% |
| Earnings per share | 9.18 | 7.39 | 24.22% |
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