Cairo – Mubasher: The consolidated net profits of Glaxo SmithKline (GSK Egypt) plummeted by 80% year-on-year (YoY) to EGP 28.13 million in 2020, compared to EGP 142.6 million in 2019, excluding minority shareholders’ rights.

The profits attributable to minority interests fell to EGP 19,686 last year from EGP 29,171 a year earlier, the company said in a bourse disclosure on Wednesday.

In total, the company’s net profits declined to EGP 28.15 million in 2020 from EGP 142.63 million in 2019.

The sales grew to EGP 1.99 billion last year, compared to EGP 1.7 billion a year earlier, while the cost of sales increased to EGP 1.2 billion from EGP 853.34 million in 2019.

As for standalone business, the pharmaceutical firm logged EGP 43.99 million in net profits last year, down from EGP 110.26 million in 2019.

The board of directors recommended a cash dividend of EGP 0.50 per share for 2020 and approved a decision to resume the meetings of the committee formed to study the merger with Amoun Pharmaceutical Industries

During the first nine months of 2020, GSK Egypt reported net profits of EGP 101.41 million, up from EGP 67.03 million in the corresponding period a year earlier.