Beta Glass Plc reported higher sales and profit for the full year ended 31 December 2019.
The glass bottle maker said that sales grew by 12% to N29.4bn from N26.3bn in the previous year. Cost of sales rose by 9% to N22bn.
Selling and administrative expenses saw a modest increase of 19% and 5% respectively.
Beta Glass Plc has reiterated its commitment to completing its $30m furnace capacity at its Agbara, Ogun State plant on schedule in June 2020.
The Chairman of Beta Glass, Otunba Abimbola Ogunbanjo, said this during a meeting with the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, CON in Abuja, on Tuesday, December 10, 2019.
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 N7.5bn rise in sales, a 24% increase.
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.
Beta Glass Plc, announced on Thursday that the $30 million investment to expand its furnace capacity at its plant in Agbara, Ogun State is on schedule to be completed in June 2020.
When it becomes operational next year, the new furnace will increase the plant’s annual capacity by 35,000 tons and 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.
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.
Beta Glass Plc said it will pay its shareholders N1.30 per 50 kobo of ordinary shares for 2018 full-year. The company reached the resolution at its 45th Annual General Meeting (AGM) which held on 4th July 2019 at the Federal Palace Hotels, Victoria Island, Lagos.
The company at the meeting also resolved to re-elect Otunba Abimbola Ogunbanjo, Chairman of the Board of Directors, Mr. Darren Bennett-Voci, Managing Director and Mr. Nikolaos Mamoulis as a Director of the Company.
Beta Glass Plc announced a net profit growth of 9% for the first quarter of 2019 ending in March. Net earnings rose to N1.24bn from N1.14bn in 2018, driven by 11% revenue growth. Sales grew to N7.2bn from N6.4bn.
Beta Glass Plc reported a net profit growth of 23% for the full year 2018. Net earnings grew to N5 billion from N4.1 billion in the previous year.
The strong profit growth was driven by a 19% rise in revenue. Sales grew to N26.3 billion from N22.1 billion in 2017, helped by a 17% increase in selling and distribution expense. Operating Profit jumped 35% to N5.9bn from N4.4bn in the preceding year.
Frigoglass, the Greek refrigerator and glass bottle manufacturer announced on Thursday that it will invest €25-30 million to expand furnace capacity at its Beta Glass Guinea plant, located in Agbara, Ogun state in Nigeria.
The investment will increase capacity at the plant by 35,000 tons per year.
Higher sales boosted net earnings of Beta Glass Plc in the first nine months of 2018.
In the release of its financial results, the company said that net income rose 58% to ₦3.5bn in the periods, January-September, from ₦2.2bn in the same period last year.
