Cairo – Mubasher: Glaxo SmithKline (GSK Egypt) turned to net profits of EGP 33.14 million during the first quarter (Q1) of 2020, against net losses of 7.55 million in the year-ago period, including minority shareholders’ rights, the consolidated financial statements showed.
The pharmaceutical company’s net sales increased to EGP 433.97 million in the January-March period from EGP 373.68 million in the corresponding period a year earlier, according to a bourse disclosure on Monday.
As for standalone business, GSK Egypt moved to net profits of EGP 31.91 million in Q1-20, versus net losses of EGP 15.418 million in Q1-19.
It is worth mentioning that in 2019, the company achieved net profits of EGP 142.6 million, up from EGP 49.91 million in 2018.
