GSK Egypt Records Plunge in 9M-23 Profits

Cairo: The consolidated net profits after tax of GlaxoSmithKline (GSK Egypt) plummeted to EGP 46.72 billion in the first nine months (9M) of 2023 from EGP 920.71 million in 9M-22.

Net sales amounted to EGP 1.57 billion in January-September 2023 from EGP 1.26 billion in 9M-22, according to the consolidated financial statements.

Basic earnings per share (EPS)reached EGP 0.56 as of 30 September 2023, an annual drop from EGP 11.02.

Total assets hit EGP 3.55 billion in 9M-23, versus EGP 3.18 billion as of 31 December 2022.

Standalone Business

The listed firm generated EGP 44.46 million in standalone net profits after tax during 9M-23, compared to EGP 929.74 million in January-September 2022.

Standalone EPS retreated to EGP 0.53 as of 30 September 2023 from EGP 11.02 a year earlier.

Income Results for Q3-23

During the third quarter (Q3) of 2023, the listed company logged consolidated net profits amounting to EGP 27.16 million, an annual decrease from EGP 48.90 million.

The net sales went up to EGP 576.12 million in July-September 2023 from EGP 546.72 million in Q3-22, whereas the EPS declined to EGP 0.23 from EGP 0.59.

Non-consolidated net profits after tax fell to EGP 35.22 million in Q3-23 from EGP 46.47 million in Q3-22, while the revenues dropped to EGP 580.25 million from EGP 546.72 million.

In the first half (H1) of 2023, the EGX-listed firm recorded lower consolidated net profits at EGP 19.57 million, compared to EGP 871.81 million in H1-22, including minority interest.

Source : Zawya