GSK Egypt’s consolidated profits plummet 98.41% YoY in Q1

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GlaxoSmithKline (GSK – Egypt) has reported a 98.41% year-on-year (YoY) drop in consolidated profits attributable to the parent company during the first quarter (Q1) of 2023, according to financial statements filed to the Egyptian Exchange (EGX) on May 31st.

The company’s consolidated profits excluding minority interest declined to EGP 13.811 million in Q1 2023, from EGP 869.164 million in Q1 2022.

Net consolidated sales jumped to EGP 460.659 million in the three-month period ended March 31st, from EGP 370.178 million in the same period a year earlier.

GSK Egypt recorded a standalone net profit of EGP 21.006 million in Q1 2023, down from EGP 870.417 million in Q1 2022.

GSK Egypt, a member of the British pharmaceutical company Glaxo Group, is an Egypt-based company engaged in the manufacturing, packaging, marketing, selling, and distribution of pharmaceutical products.