Beta Glass Plc released its 2013 H1 results with revenue rising 30% to N6.76billion (2012 H1: N5.1billion). Gross profit also rose 31% to N1.77billion compared to N1.35billion a year earlier. Operating profit also rose 41% to N1billion during the period under review.
Beta Glass Plc ended the period with a 71% rise in pre-tax profits N1.15billion (2012 H1: N674million).
88% or N5.9billion (2012 H1: N4.3billion) of its revenues are derived locally in Nigeria whilst exports only make up N827.6million (2012 H1: N863.3million)
The company spent N1.1billion on fuel, gas and electricity compared to N813.6million a year before. In fact it spent N1.6billion the whole of 2012 FY
The company has a high percentage of management staff with 298 out of 670 staffs all Management. Salaries was N951million for the period compared to N1.9billion at the end of 2012 FY.
Included in its receivables is a N4.9billion claim receivable from its related parties. It also owes N2.1billion to related parties.
The company has about N2.4billion in litigation claims. It believes the claims will not materialise and as such did not make provisions.
Nigerian Bottling Company is one of its major customers with sales of N1.75billion to them alone in the first quarter of the year. NBC is a shareholder of Frigoglass the parent company of Beta Glass Plc.