Beta Glass maintains strong performance in the third quarter with 15% revenue growth

NIGERIA – Beta Glass Plc, the Nigerian maker of glass bottles and containers for the beverage industry has reported 15% growth in revenue growth for the third quarter of its financial year through 30th September 2019. This growth momentum was attributed to increase of sales to N21.9bn (US$60.5m) from N19.2bn (US$53m) recorder in 2018. The third quarter was particularly strong with an N7.5bn (US$20.7m) 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%…

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Beta Glass to complete $30m capacity expansion investment in June 2020

NIGERIA – Beta Glass Plc, the Nigerian maker of glass bottles and containers for the beverage industry has announced that the $30 million investment to establishing a new furnace and upgrade existing production lines at its plant in Agbara, Ogun State is on schedule to be completed in June 2020. Once fully operational 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…

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Nigeria’s Beta Glass retains top management officials at the company’s board

NIGERIA – Beta Glass Plc, a Nigerian glass packaging group and subsidiary of Frigoglass Industries Nigeria Limited, has resolved to retain majority of its directors in its board. The company during its recently held annual general meeting re-elected Mr. Darren Bennett-Voci as Managing Director, Otunba Abimbola Ogunbanjo as Chairman of the Board of Directors, and Mr. Nikolaos Mamoulis as a Director of the Company. With over 21 years of experience in the container glass industry, Mr. Bennett-Voci has been serving as the company’s managing director since May 2016. He has…

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Nigerian packaging group Beta Glass reports 23% growth in full year profits on strong growth in sales

NIGERIA – Beta Glass Plc, a Nigerian packaging group and subsidiary of Frigoglass Industries Nigeria Limited, reported a 23% growth in net profit during its 2018 financial year. The manufacturer and supplier of glass bottles and containers for the beverage industry posted net earnings of US$13.84 million during the financial year up from US$11.35 million recorded in the previous year. The strong performance was attributed to growth sales which were up US$72.81 million from US$61.18 million in 2017 supported by reduced expenses across its selling and distribution channels. This saw…

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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…

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Beta Glass, Frigoglass in exploratory deal

NIGERIA – Beta Glass Plc last week, notified The Nigerian Stock Exchange that Frigoglass SAIC in Attens, the parent company of Frigoglass Industries Nigeria Limited, which is the core investor in Beta Glass Plc has announced that it is commencing an exploratory process relating to strategic options for its Glass business.

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