Beta Glass declares N7.992bn half-year revenue

Beta Glass Company Plc has announced that it generated a revenue of N7.992bn in the six-month period ended June 30, 2014.

The figure is 18 per cent higher than the N6.760bn it declared in the corresponding period of 2013, the company’s statement of comprehensive income for the period, which it filed with the Nigerian Stock Exchange, showed.

The bulk of the amount, however, went to cost of sales and administrative charges.

The statement showed that in the review period, the company’s cost of sales went up by 22 per cent to N6.095bn from N4.989bn in the first half of 2013, while distribution/administrative and other expenses stood at N746.7m – 14 per cent higher than the N657.6m it reported in the same period of last year.

The company, however, reported a 53 per cent growth in other income with the figure rising to N63.4m in the review period from the N41.4m it posted in the six-month period ended June 30, 2013.

Beta Glass also recorded a 96 per cent drop in financial cost (net). According to the statement of comprehensive income, financial cost for the firm dropped to N2.3m from N61.7m.

The company realised a profit before tax of N1.216bn, the same figure it declared for the same period of last year.

However, it grew its profit after tax by two per cent to N867.1m from N850.7m with both its basic earnings per share and fully diluted earnings per share also rising by two per cent to N1.73 from N1.70.

Beta Glass is listed in packaging/containers sub-sector of the NSE’s consumer goods sector.

It has a market capitalisation of N8.555bn with 499.97 million shares outstanding, according to the Exchange.

Earlier this year, the company had declared a dividend of 38 kobo per share to shareholder for the 2013 financial year.

The dividend was 12 percent than the dividend of 34 kobo per share it paid its shareholders for the 2012 financial year.

Beta Glass paid 38 kobo as dividend in 2010, 40 kobo in 2011 and 34 kobo in 2012.