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

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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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