Shareholders urge GSK to grow Profit

Shareholders of GlaxoSmithKline Consumer Nigeria Plc (GSK) have advise the management of the company to improve on its earnings by deploying strategies to do business that will lead to more profit.

Speaking at the company’s 46th annual general meeting in Lagos, the shareholders maintained that considering the challenging operating environment, the management of GSK should improve on the quality of its different products in order to have added advantage to stay ahead of competition.

The shareholders also approved the N359 million dividends of 30 kobo per share recommended by the board of GSK.  The dividend would not be subject to withholding tax deduction as it is to be paid out of the retained pioneer earnings, the company said.

The chairman of GSK, Mr. Edmund Onuzo, informed the shareholders that the company is doing everything possible to grow profit, and that despite the challenging economy and divestment, GSK is well positioned for growth to improve shareholders’ value.

Onuzo told the shareholders that following the divestment of its drinks business, GSK has continued to fine-tune its market strategies to ensure reach and availability across all platforms, adding that the company is focusing on driving efficiencies through consolidation on its supply chain operations, as well as its operating model.

He said the objective of the divestment was to enable the company align with its global business so as to focus on its core competence of healthcare and to drive a more nimble organization.





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