Beta Glass PLC has reported a full-year pre-tax profit 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% increase compared to last year’s profit of N9.4 billion, while the fourth quarter pre-tax profit reached N8.6 billion, marking a significant 432.78% increase from N1.6 billion in Q4 2023.
In terms of revenue, the fourth quarter saw an increase of 116.04% year-over-year, totaling N37.8 billion, compared to N17.5 billion in the same quarter last year.
Overall, full-year revenue reached N117.5 billion, an 86.92% increase from N62.9 billion reported the previous year, with the revenue largely generated from sales of glassware and bottles.
Key highlights
- Revenue: N117.5 billion, +86.92% YoY
- Cost of sales: N87.2 billion, +72.62% YoY
- Gross profit: N30.3 billion, +145.22% YoY
- Selling and distribution expenses: N339 million, +6.57% YoY
- Administrative expenses: N5.6 billion, +55.34% YoY
- Operating profit: N24.3 billion, +217.39% YoY
- Finance income: N8.1 billion, +289.71% YoY
- Finance cost: N9.4 billion, +346.60% YoY
- Pre-tax: N21 billion, +122.89% YoY
- Total assets: N132.1 billion, +23.70% YoY
Commentary
Beta Glass reported a full-year revenue of N117.5 billion for 2024, up 86.92% year-over-year from N62.9 billion in 2023.
- Much of this revenue stemmed from sales of glassware and bottles, with local sales accounting for over 90%.
Concurrently, the company’s cost of sales increased by 72.62% 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% increase from N12.3 billion in 2023.
- Selling and distribution expenses edged up 6.57% to N339 million from N318.1 million, while administrative expenses rose more sharply by 55.34% to N5.6 billion from N3.6 billion.
On a more favorable note, the company’s operating profit surged by 217.39% year-over-year, reaching N24.3 billion, up from N7.6 billion.
Finance income rose significantly by 289.71% 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% to N9.4 billion, compared to N2.1 billion in the prior year.
Nevertheless, Beta Glass recorded a full-year pre-tax profit of N21 billion, marking a 122.81% increase from N9.4 billion reported for FY 2023.
Asset position
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% 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.
