Beta Glass reports N21 billion full-year pretax profit amid boom in glassware and bottle sales 

Beta Glass PLC has reported a full-year pre-tax profit of N21 billion in its latest financial report released on the Nigerian exchange, highlighting the company’s performance for 2024.

This figure represents a 122.89% increase compared to last year’s profit of N9.4 billion, while the fourth quarter pre-tax profit reached N8.6 billion, marking a significant 432.78% increase from N1.6 billion in Q4 2023.

In terms of revenue, the fourth quarter saw an increase of 116.04% year-over-year, totaling N37.8 billion, compared to N17.5 billion in the same quarter last year.

Overall, full-year revenue reached N117.5 billion, an 86.92% increase from N62.9 billion reported the previous year, with the revenue largely generated from sales of glassware and bottles.

Key highlights Revenue: N117.5 billion, +86.92% YoYCost of sales: N87.2 billion, +72.62% YoYGross profit: N30.3 billion, +145.22% YoYSelling and distribution expenses: N339 million, +6.57% YoYAdministrative expenses: N5.6 billion, +55.34% YoYOperating profit: N24.3 billion, +217.39% YoYFinance income: N8.1 billion, +289.71% YoYFinance cost: N9.4 billion, +346.60% YoYPre-tax: N21 billion, +122.89% YoYTotal assets: N132.1 billion, +23.70% YoYCommentary   Beta Glass reported a full-year revenue of N117.5 billion for 2024, up 86.92% year-over-year from N62.9 billion in 2023.

Much of this revenue stemmed from sales of glassware and bottles, with local sales accounting for over 90%.Concurrently, the company’s cost of sales increased by 72.62% to N87.2 billion, up from N50.5 billion the previous year, comprising N11.8 billion for materials, N8.1 billion for fuel, gas, and electricity, plus other costs.

Despite increased costs, Beta Glass achieved a gross profit of N30.3 billion, which is a 145.22% increase from N12.3 billion in 2023.

Selling and distribution expenses edged up 6.57% to N339 million from N318.1 million, while administrative expenses rose more sharply by 55.34% to N5.6 billion from N3.6 billion.On a more favorable note, the company’s operating profit surged by 217.39% year-over-year, reaching N24.3 billion, up from N7.6 billion.

Finance income rose significantly by 289.71% to N8.1 billion, mainly from interest on related party borrowings and fixed deposits, up from N2 billion the previous year.

However, finance costs also climbed sharply by 346.60% to N9.4 billion, compared to N2.1 billion in the prior year.Nevertheless, Beta Glass recorded a full-year pre-tax profit of N21 billion, marking a 122.81% increase from N9.4 billion reported for FY 2023.

Asset position The company’s total assets reached N132.1 billion in the full year of 2024, a notable increase from N106.8 billion reported the previous year.

Non-current assets amounted to N36 billion, up from N33.7 billion, with property, plant, and equipment representing a substantial 99% of this total.

Current assets also saw significant growth, rising to N96.1 billion from N73 billion in the prior year.

This increase was driven by trade and other receivables totaling N62.1 billion, inventories of N22.9 billion, and cash reserves of N11 billion.

Izuchukwu Okoye Okoye Izuchukwu is a financial market writer and trader with extensive expertise in both Nigerian and international markets. With a keen eye for market trends and a passion for insightful analysis, he translates complex financial concepts into engaging content. By combining practical trading experience with thorough research, Okoye offers valuable perspectives that empower readers to make informed decisions in the ever-evolving world of finance.