Beta Glass, in its unaudited interim financial statement, recorded a profit after tax of N3.45 billion in the nine months of 2022, down 17 percent from N4.16 billion in the nine months of 2021.
The revenue obtained from contracts with customers surged 52.3 percent to N39 billion in the nine months of 2022 from N25.6 billion in the nine months of last year.
Revenue generated from local sales amounted to N35.2 billion, while N3.72 billion was obtained from the firm’s export sales.
Beta Glass local sales surged 46.6 percent to N35.2 billion in September 2022 from N24 billion in September 2021.
Also, export sales increased by 127 percent to N3.72 billion in September 2022 from N1.64 billion in September 2021.
The cost of sales increased to N31.5 billion in the nine months of this year, 73 percent from N18.2 billion in the same period of 2021.
Fuel, gas, and electricity expenses increased by 97.8 percent to N10.13 billion from N5.12 billion in the nine months of 2021.
The firm’s selling and distribution expenses increased by 4 percent to N150.5 million from N144 million in the nine months of 2021.
Administrative expenses grew 47 percent to N2.16 billion in September 2022 from N1.47 billion in September 2021.
Other income increased by 45.8 percent to N292 million from N539.6 million in September 2021.
Foreign exchange loss recorded by Beta Glass stood at a loss of N304.3 million from N429.6 million loss in the comparable periods.
Finance income surged 79 percent to N690 million from N385.4 million in the nine months of 2021.
Finance cost increased to N725.3 million, a 293 percent increase from N184.3 million in nine months of 2021.
Income tax expense paid amounted to N1.62 billion, a 19 percent decrease from N2 billion in September 2021.
Similarly, total comprehensive income for the period stood at N3.45 billion, dropped 17 percent from N4.16 billion in nine months of 2021.
Inventories rose to N11.3 billion in September 2022, up 22.8 percent from N9.2 billion in December 2021.
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Trade and other receivables increased to N24.02 billion in September 2022, 56 percent from N15.4 billion in December 2021.
Borrowings stood at N9.02 billion in September 2022, indicating 86.7 percent increase from N4.83 billion in December 2021.
Property, plant and equipment stood at N22.1 billion in September 2022, 1.7 percent drop from N22.5 billion in December 2021.
Trade and other payables stood at N14.7 billion in September 2022, 24.5 percent from N11.8 billion in December 2021.
Net cash generated from operating activities stood at a negative N67.06 million in September 2022 from a positive of N3.59 billion in September 2021.
Net cash used in investing activities recorded a negative of N2 billion in September 2022 from negative N1.3 billion in September 2021.
Net cash generated from financing activities stood at N3 billion in September 2022 from a negative of N102 million in September 2021.
Basic and diluted earnings per share dropped to N6.91 in the nine months of 2022 from N8.33 in nine months of 2021.
Cash and cash equivalents stood at N16.9 billion in the period ended September 2022, 20.5 percent increase from N14.02 billion at the end of September 2021.
Beta Glass Plc is a Nigeria-based company. The Company manufactures, distributes, and sells glass bottles and containers for soft drinks, breweries, wine and spirits, pharmaceutical, foods and cosmetics companies. It is a supplier of glass packaging in the emerging markets of West Africa.
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