GSK Consumer Nigeria gets dragged down by tough macro-economic environment, as profits decline 48.3% in Full Year
GlaxoSmithKline Consumer Nigeria Plc (GSK), makers of beverage brands – Ribena, Lucozade; and Wellness and Oral healthcare products has released its full year 2015 financials, showing a 48.3% net profit decline to N954m, from N1.84bn in the previous year.
Revenue for the year remained at N30bn, as the company, like other consumer product companies continue to face weak consumer spending, brought about by a negative macro-economic environment of low oil revenue, double-digit inflation and a weaker currency.
GSK Consumer Nigeria announced in January that it had received a non-binding offer from Suntory Beverage & Food Limited (SBF), a Japanese beverage company to buy their beverage unit (Ribena, Lucozade and part of their Agbara plant).Talks are still ongoing.
GSK Consumer Nigeria is a unit of GlaxoSmithKline of the United Kingdom. The company makes a wide range of products in three business segments – Beverages, which includes Lucozade, Ribena, Blackcurrant and Horlicks drinks; Wellness products such as Panadol; and Oral Healthcare products, which includes Macleans and Sensodyne toothpaste.