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Glaxosmithkline Nigeria Rises to Record High as Profit Increases

GlaxoSmithKline Consumer Nigeria Plc, a unit of the U.K.’s biggest drugmaker, rose to the highest on record after reporting third-quarter profit increased 13 percent.

The shares gained 4.9 percent to 39.90 naira by the close in Lagos, Nigeria’s commercial capital, the highest since Bloomberg began compiling data on the stock in January 2002. About 192,500 shares changed hands, 32 percent of the three-month daily average, according to data compiled by Bloomberg.

Net income for the period through September rose to 1.89 billion naira ($12 million), from 1.68 billion naira a year earlier, the Lagos-based company said in a statement published today on the website of the Nigerian Stock Exchange. Revenue increased to 18.75 billion naira from 15.8 billion naira.

“The company is being consistent in its performance this year and investors can look forward to dividends,” David Adonri, chief executive officer of Lambeth Trust and Investment Co. Ltd., said by phone from Lagos today.

Glaxosmithkline’s shares have risen 73 percent this year, compared with a 27.5 percent increase in the Nigerian Stock Exchange All-Share Index.

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