GlaxoSmithKline records profits LE 28.13M in 2020

CAIRO – 31 March 2021: GlaxoSmithKline's consolidated financial statements revealed that, the company's net profit declined by 80 percent year-on-year during 2020.

The company stated in a statement to the Egyptian Exchange (EGX) that it recorded a net profit of LE 28.13 million during 2020, compared to LE 142.6 million during 2019, taking into account the minority rights.

The rights of non-controlling shareholders amounted to LE 19.78 thousand in 2020, compared to LE 29.17 thousand in 2019.

The net profit for the year after taxes was LE 28.15 million in 2020, compared to LE 142.63 million in 2019.

The company's sales increased during 2020 to record LE 1.99 billion, compared to LE 1.7 billion in 2019.

The cost of sales increased to LE 1.2 billion in 2020, compared to LE 853.34 million in 2019.

As for standalone results, the company's profits declined during 2020 to record LE 43.99 million by the end of December, compared to LE 110.26 million during 2019.

During the first 9 months of 2020, the company achieved a net profit of LE 101.41 million since the beginning of January until the end of last September, compared to LE 67.03 million during the same period 2019.