FY2024: Beta Glass posts 122.9 per cent increase in PBT

Beta Glass Plc has reported a full-year Profit before Tax (PBT) 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 percent increase compared to last year’s profit of N9.4 billion, while the fourth quarter PBT reached N8.6 billion, marking a significant 432.78 percent increase from N1.6 billion in Q4 2023.

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

Overall, the company’s revenue reached N117.5 billion, an 86.92 percent increase from N62.9 billion reported the previous year, with the revenue largely generated from sales of glassware and bottles.

Much of this revenue stemmed from sales of glassware and bottles, with local sales accounting for over 90 percent.

Concurrently, the company’s cost of sales increased by 72.62 percent 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 percent increase from N12.3 billion in 2023.

Selling and distribution expenses edged up 6.57 percent to N339 million from N318.1 million, while administrative expenses rose more sharply by 55.34 percent to N5.6 billion from N3.6 billion.

On a more favorable note, the company’s operating profit surged by 217.39 percent year-over-year, reaching N24.3 billion, up from N7.6 billion.

Finance income rose significantly by 289.71 percent 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 percent to N9.4 billion, compared to N2.1 billion in the prior year.

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 per cent 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.

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