Beta Glass sustains profitability as 9-months profit soar 81%

Beta Glass Plc, the glass container and metal crowns company on Thursday reported a profit surge of 81% for the first 9-months of 2016, rising to N2.9bn, from N1.6bn in 2015.

Despite the macroeconomic difficulties hampering the activities of some of its trading partners, Beta glass said that revenue for the 9-months ending 30th September grew 16% to N13.3b, from N11.5bn in the preceding year.

In the third quarter, the company’s revenue leaped 42% to N5.6bn, from N3.9bn despite a 35% rise in cost of sales to N3.7bn, from N2.8bn. Beta Glass posted a spectacular 56.2% gain in gross profit, rising N1.8bn, from N1.2bn in three months.

While the company’s foreign exchange losses swelled 1,935% to N398m in the third quarter due to Naira devaluation and continued weakness, the glass container maker managed other costs, driving down selling and distribution expenses 95% to N1m, from N20m, and admin expenses 34% to N331m, from N501m in 2015. The result was a 163% gain in operating profit to N2bn, from N771m in the previous year.

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, including Angola, Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Rwanda, Sierra Leone and Togo.

One Response to Beta Glass sustains profitability as 9-months profit soar 81%

  1. ME says:

    I am not surprised. A lot of companies are now sourcing for packaging materials locally instead of importing..

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