Beta Glass Plc released its 2015 Second Quarter results reporting a pre-tax profit of N808 million and N1 billion for the first half of the year.

 2015 Q2  2015 Q1  %age Change
Beta Glass Plc  N’m  N’m
Income Statement
Revenue    3,544.11     4,045.29 -12%
Cost of sales  (2,792.00)   (3,201.10) -13%
Gross Profit       752.11        844.19 -11%
Operating Expenses      (495.60)      (460.80) 8%
Operating Profit       256.51        383.39 -33%
Other Income          33.50          57.70 -42%
Foreign Exchange Gain                –                 – #DIV/0!
Net Finance Income/(Cost)       518.00        153.00 239%
Profit Before Tax       808.01        594.09 36%
Taxation      (228.60)      (168.40) 36%
Profit after Tax       579.41        425.69 36%
Tax as a %age of PBT            0.28             0.28
Indices #DIV/0!
Eps (Kobo)          69.00          85.00 -19%
Outstanding Shares       499.97        499.97 0%
Debt to Equity Ratio                –                 – #DIV/0!
Gross Profit Margin 21% 21% 2%
Operating Profit Margin 7% 9% -24%
Profit Margin 16% 11% 55%
SGA as a %age of Gross Profit 66% 55% 21%
Interest Cost as a percentage of Operating Profit -202% -40% 406%

Key highlights

  • Beta Glass Plc reported  its revenue drop 12% QoQ. This is inline with our expectation as the core market which the company caters for is experiencing a major decline in demand.
  • Beta Glass produces bottles for bottling companies and will likely make fewer bottles than it could due to weaker demand
  • Beta Glass however booked higher finance income of N518 million 239% higher than the N153 million it reported in the first quarter.
  • This helped boost profits, pushing it to N808m (Q1: N594 million)
  • Frigoglass the majority shareholder of Beta Glass Nigeria Ltd had earlier in May  agreed to sell its stake in Beta Glass Nigeria as well as its Glass making business in Dubai to aluminum can producer GZ Industries for $225 million.

Share Information

Last Share Price (as at Blog time) : N43

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YTD Return : 57.19%

Current P/E Ratio (TTM) : 9.00

Dividend Indicated Gross Yield: 1.44%