Beta Glass Makes FX Gain As Profit Surges
By HANNAH ONI, Lagos
Beta Glass Plc, Nigeria’s top glass maker, made N1.913 billion foreign exchange gain in 2016 owing to its consistent export sales focus to Cameroon, Cape Verde, Gambia, Ghana, Guinea, Liberia and Sierra Leone.
The 2016 financial statement of the company released at its recent Annual General Meeting (AGM) shows that its 2016 revenue rose 20 per cent to N19.09 billion while profit after tax (PAT) surged 91 per cent to N3.79 billion.
Speaking at AGM held recently in Lagos, Chairman of Beta Glass Plc, Abimbola Ogunbanjo, said, the company was the top performing stock on the Nigerian Stock Exchange (NSE), having gained 39.12 per cent year-to-date, outperforming all others, including the NSE All Share Index.
“I should perhaps point out that your company was the top performing stock on the NSE having gained 39.12 per cent year-to-date outperforming all others, including the NSE All Share Index,” Ogunbanjo, who is also the managing partner of the famed law firm, Chris Ogunbanjo LP, told shareholders.
Ogunbanjo further said the rise in the company’s turnover from N15.953 billion in 2015 to N19.091 billion in 2016 was mainly driven by price increases in response to inflationary trends and partly by volume increases in order to offset the rising input costs during the year.