Efforts would be made in 2025 by Beta Glass Plc to increase its exports to Central and West African, the chief executive of the firm, Mr Alexander Gendis, has said.
Addressing shareholders at the company’s Annual General Meeting (AGM) recently, Mr Gendis said this year’s focus would also be to invest in alternative sustainable energy sources to boost efficiency and support growing domestic and international demand.
Last year, Beta Glass, a subsidiary of Frigoglass Group, delivered a gross profit of N30.75 billion versus the N12.38 billion achieved in 2023, as ...-tax profit rose by 112 per cent to N13.63 billion from N6.44 billion in 2023.
Also, the company’s revenue increased by 87 per cent as a result of a 61 per cent rise in pricing and a 16 per cent jump in sales volume, reflecting the increase in market demand, helping the organisation to increase the cash reward to shareholders by 110.71 per cent to N2.95 from N1.40 a year earlier.
Mr Gendis, at the AGM, attributed the firm’s robust performance to strategic decisions around capacity utilisation, operational efficiency and customer-centricity.
“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.
“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 plant,” he declared.
Also, the chairman of the leading glass packaging manufacturer, Mr Vitus Ezinwa, said, “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. We appreciate our shareholders’ invaluable support and trust in our long-term vision.”