Beta Glass earnings rise 58% on strong revenue growth in 9 months

NIGERIA – Beta Glass, the Nigerian maker of glass bottles and containers for the beverage industry has reported that net income rose 58% to US$9.64 million for the nine-months period ended September.

The company, which is a member of the Frigoglass Group had posted US$6.06 million in net income in the same period last year.

Net revenue for the period under review increased by 29% to US$52.61 million from US$41.04 million in the year 2017.

As a result of lower selling and distribution expenses and growth of other income, operating profit grew 68%.

The company managed to maintain its value despite of hard economic times in the market that has suffered recession in the past.

In the company’s half year, revenue jumped by half to US$36.17 million from US$24.24 million despite a hard biting Cost of Sales (COGS) of 50% to US$27.54 million fromUS$18.45 million.

Gross profit for the half year increased by half to US$8.53 million indicating well managed costs, operating profit and operating margin.

Forex conversion gains of US$399,449.05 were added to profits in the period.

In the first quarter of this year, the glassmaker improved revenue 45% to US$17.74 million from US$12.23 million to underscore improvement in its markets.

During the firm increased its presence in markets beyond Nigeria including Angola, Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Rwanda, Sierra Leone and Togo.

Frigoglass Industries Nigeria holds 61.9% stake in the company which has manufacturing plants in Agbara Ogun state and in Ughelli Delta state.

Beta Glass Plc manufactures, distributes and sells glass bottles and containers for the leading soft drinks, wine and spirit, pharmaceutical and cosmetics companies, and exports to three countries: Ghana, Guinea.

In 2014, Frigoglass SAIC in Attens, the parent company of Frigoglass Industries Nigeria Limited announced that it was commencing an exploratory process relating to strategic options for its Glass business.

It was interested in a wide range of strategic options, such as joint ventures, minority participations or even full acquisition of the business.

The company holds a market-leading position as a glass bottle manufacturer in West Africa and the Middle East, both prime targets for investments by top-tier international beverage brands.

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