Beta Glass grows revenue 10% in half-year amid cost pressure

Beta Glass Plc on Tuesday reported revenue growth of 10% for the first half of the year through 30th June 2019, sustaining its growth momentum.

Revenue rose to N14.5bn from N13.1bn in 2018.

Cost of sales increased by 15% to N11.5bn from N10bn in the prior year reflecting an increase in raw material cost by 25%, which in turn is a result of devaluation and local input inflation. However, the company continues to make strides to drive out costs as shown by selling & distribution as well as administrative expenses which declined by 16% and 30% respectively.

Foreign exchange gain declined by 33% to N97m, leading to a 51% increase in finance cost to N145m. As a result of the higher input cost which in part is driven by FX and the FX impact on financing costs, the company’s profit declined marginally by 2.7% to N2.3bn from N2.4bn in the prior year.

Beta Glass is a leading manufacturer of glass bottles for the beverage industry and as well as other industries.

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