Cairo – Mubasher: GlaxoSmithKline (GSK Egypt) turned to a consolidated net loss of EGP 8.98 million in the first quarter (Q1) of 2024, versus a net profit of EGP 13.81 million in the corresponding quarter a year earlier.

Consolidated net sales rose to EGP 713.80 million in Q1-24 from EGP 460.65 million in Q1-23, according to financial statements.

The company posted a loss per share of EGP 0.11 in the three-month period that ended on 31 March 2024, compared to earnings per share (EPS) of EGP 0.17 in the comparative period of 2023.

Standalone Results

GSK Egypt shifted to a standalone net loss of EGP 2.04 million in the January-March period, versus a net profit of EGP 21 million in the equivalent period last year.

Standalone net sales soared to EGP 713.80 million in Q1-24 from EGP 460.65 million in Q1-23.

GSK Egypt logged a consolidated net profit of EGP 60.47 million in 2023, down from EGP 735.39 million in 2022.