• Thursday, March 28, 2024
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Beta Glass sees Q4’19 revenue hit N29.4billion, posts N5.5bn profit

Beta Glass sees Q4’19 revenue hit N29.4billion, posts N5.5bn profit

Glass – maker, Beta Glass 2019 full year revenue for the period ended 31 December stood at N29.4billion from N26.3billion in full year 2018. Cost of sales increased to N21. billion from N19.94billion in 2018, leaving gross profit at N7.8billion from N6.38billion in 2018.

The company’s selling and distribution expenses jumped to N97.93 billion from N81.16billion in 2018, Administrative expenses declined to N1.41billion from N1.24billion in 2018.

Profit Before Tax during the period stood at 8.20billion from N7.18billion while Profit after tax jumped slightly to N5.58billion from N5.05billion.

Beta Glass’ $30million investment to expand its furnance capacity is expected to be completed in June this year. When it becomes operational, the facility would increase the plant’s annual capacity by 35,00tons and also pioneering the use of narrow press and blow technology in West Africa

With recent growth in pet bottles, and cans, Beta Glass has in recent times faced with increased competition.