GlaxoSmithKline Consumer Nigeria Plc (GSK) has posted a turnover of N25.3 billion in its 2012 operations, against N21.5 billion in 2011.

The company’s profit after tax also increased to N2.82 billion, up from N2.29 billion in 2011.

Addressing shareholders at the 42nd yearly general meeting of the company in Lagos recently, the company’s Chairman, Olusegun Osunkeye explained that profit before tax rose from N3.49 billion to N4.17 billion during the year under review.

Osunkeye added that the percentage increase in turnover was 18 per cent while profit after tax rose by N23 per cent.

Based on the improved performance, he explained that the company’s board had approved N1.245 dividend, culminating to N1.30 kobo per share, due to every shareholder of the company.

Reviewing the 2012 performance further, Osunkeye, who assured shareholders that the company would continue to seek innovative ways to enable it unlock opportunities also explained that the company increased the 150ml pack size with the strawberry variant during the year under review while the Panadol tablets is currently packaged in 4 by 20 packs.

He pointed out that one of the unique products introduced last year was the Lucozade Boost Can, adding that the performance of these new products has contributed considerably to the growth of the business.

“We are committed to obtaining and responding to consumer insight, with a strong passion for innovation, value adding products and a drive for success. We have also continued to make substantial in vestment in our Agbara Factory in order to maintain our edge over competition. We completed the installation and commissioning of 150ml and 288ml lines, OTC facelift, and optimization of our hot fill lines, laboratory and other facility upgrades.

These innovations, according to him were to further demonstrate the company’s passion for shareholding, investment and growth.

To achieve the company’s vision of improving the quality of human life, as well as remain competitive in the industry, the Chairman explained that the company intends to embark on an extensive upgrading of its operations.

This, according to him would enhance its manufacturing capabilities and help develop new products portfolios with aim of increasing returns.

“This investment is critical for the company to remain competitive and to continue to offer a variety of products to Nigerian consumers. GSK Plc has expressed a willingness to provide the support required to upgrade GSK Nigeria’s operation on the condition that it was able to increase its shareholding in the company.”

Following a consideration of its proposal, the Board of GlaxoSmithKline Nigeria, according to Osunkeye has reached a definite agreement with the Parent company on the terms of a proposal, whereby GSK Plc would increase its ownership in the company by 80 per cent.

Under the terms of the proposal, the Chairman explained that GSK Plc would acquire approximately 321 million ordinary shares in the company on a pro-rata basis from existing shareholders at the offer price of N48 per share.

He added that the proposal would be effected by way of Scheme of Arrangement.

“The proposal is presently undergoing regulatory review prior to approval and it is expected to be presented to the shareholders in due course for approval during a Court Ordered Meeting”. He said.