Beta Glass Plc, a member of Frigoglass Group and the leading glass packaging manufacturer in West and Central Africa, announced a 1.76Bn dividend at the company’s Annual General Meeting (AGM), which was held recently at Landmark Event Centre in Lagos.
The event, which was attended by shareholders, institutional investors, and regulators, offered a platform to review the company’s Annual Report and Financial Statements for the year ended December 31, 2024, and set the course for future expansion and sustainability.
Chairman of the Board, Dr. Vitus Ezinwa, welcomed shareholders and commended the company’s resilient performance in an increasingly complex macroeconomic environment. He announced a dividend of N1.76 billion, a 111% increase from the previous year.
In his address, the Chairman also noted, “The results we share today reflect a business that has remained steadfast, agile and deeply committed to delivering value. Despite inflationary pressures, exchange rate fluctuations and rising costs, Beta Glass’ 2024 fiscal performance exceeded our expectations. We appreciate our shareholders’ invaluable support and trust in our long-term vision.”
For the full year, Beta Glass Plc recorded an 87% increase in revenue, while Profit After Tax (PAT) rose by 112% compared to the previous financial year. This exponential growth was primarily driven by a 61% increase in pricing and a 16% increase in sales volume, reflecting the increase in market demand. The company’s dividend per share rose from 1.4 Naira in 2023 to 2.95 Naira per share in 2024.
Chief Executive Officer of Beta Glass, Alexander Gendis, attributed the company’s robust performance to strategic decisions around capacity utilisation, operational efficiency, and customer-centricity. “For us, 2024 was a continuation of a journey of transformation and consolidation,” said Mr. Gendis. “Our company achieved margin expansion without compromising volume growth, which is a clear demonstration of the strength of our business model. In 2025, we are cautious yet optimistic. We’re not only expanding our footprint in various sectors but also our export focus on West and Central Africa. In addition to this, 2025 will see an increase in our sustainable energy efforts with our investment in a solar power plant at our Agbara plant.”
At the end of the 2024 financial year, Beta Glass Plc delivered a gross profit of 30.75 billion Naira, up by 148 % from 12.38 billion Naira recorded in the previous year. Profit Before Tax increased to 19.90 billion naira, representing a 111% increase from 9.45 billion naira recorded in 2023, while Profit After Tax rose by 112% to close the year at N13.63 billion Naira from N6.44 billion Naira in 2023.
Key resolutions presented at the AGM, including approval of the 2024 financial statements and the ratification of board appointments, were approved by shareholders.
As Beta Glass Plc enters a new fiscal year, the company is expanding its export footprint and investing in alternative sustainable energy sources to boost efficiency and support growing domestic and international demand.
