Beta Glass maintains growth momentum in nine months with strong boost from Qtr3

Beta Glass Guinea Plant, Agbara, Ogun State

Beta Glass Plc reported 15% revenue growth for the first nine months of its financial year through 30th September 2019.

Sales increased to N21.9bn from N19.2bn in 2018. The third quarter was particularly strong with an N7.5bn rise in sales, a 24% growth.

The company continued to keep costs down with selling and distribution expenses as well as admin expenses declining by 14% and 30% respectively. Operating profit grew by 17% in the nine months to N4.9bn and by 49% in the third quarter alone.

Foreign exchange gain increased by 21% in nine months, with much of it coming in the third quarter with a 245% increase. Finance income declined by 33% in the third quarter and by 21% in nine months.

Net profit surged by 39% in the third quarter to N1.6bn and by 10.7% in the nine months to N3.9bn.

Beta Glass is a leading manufacturer of glass bottles for the beverage industry as well as others. The company announced in early October that its $30m investment to expand the furnace capacity at its plant in Agbara, Ogun State was on track to be completed in June 2020. The new furnace when completed will pioneer use of the Narrow Neck Press and Blow (NNPB) Technology in West Africa, enabling Beta Glass to bring lighter weight, non-returnable glass bottles to market in Nigeria for the first time.

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