Beta Glass toasts impressive results amid currency headwinds

Beta Glass Plc, the glass container and metal crowns company said on Friday that net profit for the second quarter ending June 30 climbed 140% to N1.4bn, up from N579m a year ago.

The company which manufactures glass bottles for beverage companies among others reported a 32% increase in revenue to N4.7bn, from N3.5bn recorded a year earlier.

Beta Glass, which saw its net income decline 85% in the first quarter, has been able to turn things around, taking control of costs, trimming selling and administrative expenses despite seeing foreign exchange costs balloon to N1.5bn, a 282% increase from last year’s N380m.

On a half-year basis, the glass bottle maker posted impressive results, with net profit rising 45% to N1.5bn on a 2.4% revenue lift to N7.8bn, up from N7.6bn in 2015.

Beta Glass Plc manufactures, distributes and sells glass bottles and containers for the soft drinks, wine and spirit, 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 exports its products to over 13 countries, including Angola, Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Rwanda, Sierra Leone and Togo.

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