Beta Glass first quarter profit surges as revenue growth fuels strong start to 2017

Beta Glass Plc, on Friday reported its first quarter results for the 2017 financial year, with the glass bottle and metal crowns company posting a profit after tax of N800m, up from N62m declared in the same period in 2016.

The company which has sustained strong sales and profit growth in the last three quarters said that revenue in the first quarter grew 44% to N4.4bn bolstered by a surge in local demand as foreign exchange headwinds force a drop in imports.

The firm kept a lid on costs, driving down selling and administrative expenses by 5% and 13% respectively, which helped lift operating profit to a new high of N916m from a negative N12m in the same period in 2016.

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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