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BETA Glass grows Full Year profit to N5.6bn, declares N1.67 dividend

BETA Glass grows Full Year profit to N5.6bn, declares N1.67 dividend

Glassware manufacturer, Beta Glass Plc, has announced a 10.4% expansion in its after-tax profit for Full Year 2019.

The comprehensive account of the firm’s financial performance in the year under review is published in its Audited Financial Statements and Other National Disclosures for the Year Ended 3 December 2019, posted on the Nigerian Stock Exchange (NSE) website on Monday.

Beta Glass’s Revenue advanced by 11.74% from N26.321 billion at FY2018 to N29.412 billion in the corresponding period last year.

Profit Before Tax leapt to N8.013 billion at the end of last year from N7.188 billion in the relative period of 2018, translating to 11.5% rise.

Profit for the Year climbed from N5.053 billion at FY2018 to N5.580 billion at FY2019.

The Earnings Per Share (EPS) of Beta Glass grew from N10.11 to N11.16, implying a 10.4% rise.

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Net Asset or Shareholders’ Equity similarly enlarged, in this case by 16.6%, moving from N26.628 billion to N34.558 billion.

A subsidiary of Athens-based Frigoglass, Beta Glass has bottle and glass manufacturing plants in Agbara, Ogun State and Ughelli, Delta State with the plant in Agbara currently undergoing a $30 million expansion, which will be completed in June.

In view of the fairly impressive performance, the board of Beta Glass have declared a N1.67 per share dividend for FY2019.

Shareholders, whose names appear on the company’s register of members at close of business on 11th June 2020 will be eligible for the dividend payout.

Beta Glass outstanding shares currently stand at 499.972 million with Earnings Per Share (EPS) of N10.98.

Its Price to Earnings Ratio is 6.38.

Beta Glass opened trade on the floor of the Nigerian Stock Exchange today at N70 per share.

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