Beta Glass reports N21 billion full-year pretax profit amid boom in glassware and bottle sales 

This figure represents a 122.89% increase compared to last year’s profit of N9.4 billion, while the fourth quarter pre-tax profit reached N8.6 billion, marking a significant 432.78% increase from N1.6 billion in Q4 2023.

In terms of revenue, the fourth quarter saw an increase of 116.04% year-over-year, totaling N37.8 billion, compared to N17.5 billion in the same quarter last year.

Overall, full-year revenue reached N117.5 billion, an 86.92% increase from N62.9 billion reported the previous year, with the revenue largely generated from sales of glassware and bottles.

Beta Glass reported a full-year revenue of N117.5 billion for 2024, up 86.92% year-over-year from N62.9 billion in 2023.

Concurrently, the company’s cost of sales increased by 72.62% to N87.2 billion, up from N50.5 billion the previous year, comprising N11.8 billion for materials, N8.1 billion for fuel, gas, and electricity, plus other costs.

Despite increased costs, Beta Glass achieved a gross profit of N30.3 billion, which is a 145.22% increase from N12.3 billion in 2023.

On a more favorable note, the company’s operating profit surged by 217.39% year-over-year, reaching N24.3 billion, up from N7.6 billion.

Finance income rose significantly by 289.71% to N8.1 billion, mainly from interest on related party borrowings and fixed deposits, up from N2 billion the previous year.

Nevertheless, Beta Glass recorded a full-year pre-tax profit of N21 billion, marking a 122.81% increase from N9.4 billion reported for FY 2023.

The company’s total assets reached N132.1 billion in the full year of 2024, a notable increase from N106.8 billion reported the previous year.

Non-current assets amounted to N36 billion, up from N33.7 billion, with property, plant, and equipment representing a substantial 99% of this total.

Current assets also saw significant growth, rising to N96.1 billion from N73 billion in the prior year.