GSK Egypt’s consolidated profits plunge to $1.94mln in 2023; dividends approved

Cairo –  GlaxoSmithKline’s (GSK Egypt) consolidated net profit plunged to EGP 60.47 million in 2023 from EGP 735.39 million a year earlier.

Consolidated net sales soared to EGP 2.24 billion last year from EGP 1.82 billion in 2022, according to the annual financial statements.

The earnings per share (EPS) dropped to EGP 0.72 in the 12-month period that ended on 31 December 2023 from EGP 8.81 the year before.

Standalone Results

the company’s standalone net profit tumbled to EGP 74.09 million last year from EGP 718.18 million in 2022.

Standalone net sales jumped to EGP 2.24 billion in 2023 from EGP 1.82 billion a year earlier.

Cash Dividends

The company’s board of directors approved the distribution of EGP 0.75 per share in cash dividends for the year 2023.

Merger

The board also approved a proposal merger between Amoun Pharmaceutical Industries and GlaxoSmithKline submitted in December 2020.

Independent financial and legal advisors are being hired to initiate the merger’s procedures.

In the first nine months (9M) of 2023, GSK Egypt’s consolidated net profit plunged to EGP 46.72 million from EGP 920.71 million in 9M-22.

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