Beta Glass Plc has released its Audited financial result ended December 2021, revealing a profit of N5.46 billion, representing a 57% growth from the prior-year period, with revenue up 44%.
The industrial company is a major supplier of glass packaging in the emerging markets of West Africa. The Company manufactures, distributes, and sells glass bottles and containers for soft drinks, wine and spirit, pharmaceutical, and cosmetics companies.
The period under review witnessed a significant increase in prices of raw materials and general production costs.
However, the company recorded growth in sales on the back of double-digit inflation, and bottom-line profit was subdued by production costs, administrative expenses which increased by a whopping 40% and 39%, respectively, during the period under review.
Key highlights of the result
- A cursory view of the result shows that the company’s profit was driven by significant sales of glassware and bottles, the company’s reportable segments.
- In the geographical markets, N34 billion was generated from local sales to represent 91.82%, while 8.18% of total revenue was generated from export sales, representing N3.02 billion in the full-year period compared to N703 million in the same period of 2020.
- In addition, the company also made money from interest income on financial instruments, raking in N597 million during the financial year.
- Also, profit from asset disposal, sale of scraps as well as surplus on transport and others raked in a total of N1.10 billion.
- Despite the double-digit food inflation, border closure, volatility in the FX markets and rising international commodity prices recorded during the period, the company has managed to grow its revenue to the highest in four years.
- Administrative and selling & distribution expenses increased by roughly 40% and 3.84%, during the period.
- A further look at the financial results showed that the company’s short-term borrowings stood at N4.83 billion. Beta Glass’ total assets are now at N63.11 billion, net assets grew by 13.28% to N42.13 billion.
Beta Glass Plc’s earnings per share (EPS) for the period was at N10.92, an 58% increase from N6.93 in FY 2020.
The company’s last traded at N58.20 per share and has grown by 9.92% from year-to-date.