Beta Glass doubles profit to N19.9bn

 

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Beta Glass Plc, the leading glass packaging manufacturer in West and Central Africa, reported a 111 per cent increase in its profit before tax, reaching N19.9bn for the 2024 financial year, up from N9.45bn in 2023.

The announcement was made at the company’s Annual General Meeting, which was held recently at the Landmark Event Centre in Lagos. The event brought together shareholders, institutional investors, and regulators to review the company’s performance for the year ended December 31, 2024.

Chairman of the Board, Dr. Vitus Ezinwa, said the impressive financial results were achieved despite challenging economic conditions.
“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,” he said.

The company declared a total dividend of N1.76bn, a 111 per cent increase from the previous year, translating to a dividend per share of N2.95, up from N1.4 in 2023.

Revenue for the year rose by 87 per cent, driven by a 61 per cent increase in product pricing and a 16 per cent boost in sales volume. Profit After Tax surged by 112 per cent to N13.63bn, compared to N6.44bn in 2023. Gross profit rose significantly to N30.75bn, representing a 148 per cent increase from N12.38bn in the previous year.

Chief Executive Officer, Alexander Gendis, attributed the company’s performance to deliberate strategic decisions.

He said, “For us, 2024 was a continuation of a journey of transformation and consolidation.

“Our company achieved margin expansion without compromising volume growth, which is a clear demonstration of the strength of our business model.”

He added that the company would continue to pursue growth through regional expansion and sustainability.

“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 facility,” he said.

During the AGM, shareholders approved all resolutions presented, including the company’s 2024 financial statements and the ratification of board appointments.