Beta Glass reviews N21 billion full-year pretax revenue amid growth in glassware and bottle gross sales 

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Beta Glass PLC has reported a full-year pre-tax revenue of N21 billion in its newest {financial} report launched on the Nigerian alternate, highlighting the corporate’s efficiency for 2024.

This determine represents a 122.89% enhance in comparison with final yr’s revenue of N9.4 billion, whereas the fourth quarter pre-tax revenue reached N8.6 billion, marking a major 432.78% enhance from N1.6 billion in This autumn 2023.

When it comes to income, the fourth quarter noticed a rise of 116.04% year-over-year, totaling N37.8 billion, in comparison with N17.5 billion in the identical quarter final yr.

General, full-year income reached N117.5 billion, an 86.92% enhance from N62.9 billion reported the earlier yr, with the income largely generated from gross sales of glassware and bottles.

Key highlights 

  • Income: N117.5 billion, +86.92% YoY
  • Value of gross sales: N87.2 billion, +72.62% YoY
  • Gross revenue: N30.3 billion, +145.22% YoY
  • Promoting and distribution bills: N339 million, +6.57% YoY
  • Administrative bills: N5.6 billion, +55.34% YoY
  • Working revenue: N24.3 billion, +217.39% YoY
  • Finance revenue: N8.1 billion, +289.71% YoY
  • Finance value: N9.4 billion, +346.60% YoY
  • Pre-tax: N21 billion, +122.89% YoY
  • Complete property: N132.1 billion, +23.70% YoY

Commentary   

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

  • A lot of this income stemmed from gross sales of glassware and bottles, with native gross sales accounting for over 90%.

Concurrently, the corporate’s value of gross sales elevated by 72.62% to N87.2 billion, up from N50.5 billion the earlier yr, comprising N11.8 billion for supplies, N8.1 billion for gas, gasoline, and electrical energy, plus different prices.

Regardless of elevated prices, Beta Glass achieved a gross revenue of N30.3 billion, which is a 145.22% enhance from N12.3 billion in 2023.

  • Promoting and distribution bills edged up 6.57% to N339 million from N318.1 million, whereas administrative bills rose extra sharply by 55.34% to N5.6 billion from N3.6 billion.

On a extra favorable be aware, the corporate’s working revenue surged by 217.39% year-over-year, reaching N24.3 billion, up from N7.6 billion.

Finance revenue rose considerably by 289.71% to N8.1 billion, primarily from curiosity on associated occasion borrowings and stuck deposits, up from N2 billion the earlier yr.

  • Nevertheless, finance prices additionally climbed sharply by 346.60% to N9.4 billion, in comparison with N2.1 billion within the prior yr.

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

Asset place 

The corporate’s complete property reached N132.1 billion within the full yr of 2024, a notable enhance from N106.8 billion reported the earlier yr.

Non-current property amounted to N36 billion, up from N33.7 billion, with property, plant, and gear representing a considerable 99% of this complete.

Present property additionally noticed vital development, rising to N96.1 billion from N73 billion within the prior yr.

  • This enhance was pushed by commerce and different receivables totaling N62.1 billion, inventories of N22.9 billion, and money reserves of N11 billion.

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