Earnings Report 2013 H1: Beta Glass Plc Post 71% Increase in Pre-Tax Profits

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

Beta Glass Plc released its 2013 H1 results with revenue rising 30% to N6.76billion (2012 H1: N5.1billion). Gross profit also rose 31% to N1.77billion compared to N1.35billion a year earlier. Operating profit also rose 41% to N1billion during the period under review.

Beta Glass Plc ended the period with a 71% rise in pre-tax profits N1.15billion (2012 H1: N674million).

Key Highlights

• 88% or N5.9billion (2012 H1: N4.3billion) of its revenues are derived locally in Nigeria whilst exports only make up N827.6million (2012 H1: N863.3million)
• The company spent N1.1billion on fuel, gas and electricity compared to N813.6million a year before. In fact it spent N1.6billion the whole of 2012 FY
• The company has a high percentage of management staff with 298 out of 670 staffs all Management. Salaries was N951million for the period compared to N1.9billion  at the end of 2012 FY.
• Included in its receivables is a N4.9billion claim receivable from its related parties. It also owes N2.1billion to related parties.
• The company has about N2.4billion in litigation claims. It believes the claims will not materialise and as such did not make provisions.
• Nigerian Bottling Company is one of its major customers with sales of N1.75billion to them alone in the first quarter of the year. NBC is a shareholder of Frigoglass the parent company of Beta Glass Plc.

Beta Glass Plc released its 2013 H1 results in the website of the NSE