Beta Glass maintains momentum as year-end profit surge 91%

Beta Glass Plc, the glass container and metal crowns company on Friday reported its results for the 2016 financial year, with the firm maintaining the same momentum it experienced in the first nine months of the year.

The company said that full year profit grew 91% to N3.8bn, from nearly N2bn in the previous year, driven by a surge in local demand as foreign exchange headwinds force a drop in imports.

Revenue in the period under review jumped 20% to N19bn as cost of sales rose 24% to N15bn, from N12bn.

The glass container maker said it realized a net foreign exchange gain of N1.9bn, from N380m in the preceding year, a 403% positive rise in FX earnings.

Beta Glass Plc is a manufacturer of glass bottles, metal crowns and containers for the soft drinks, breweries, wine and spirits, pharmaceutical and cosmetics industries. It has manufacturing plants in Agbara, Ogun State and in Ughelli, Delta state. The Company which is a subsidiary of Frigoglass Industries, a Greek company also exports its products to over 13 African countries in West, Central and Southern African region.

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