Beta Glass PLC, a manufacturer of bottles for the Nigerian bottled beverage and brewery industry said its gross profit for the third quarter of the year rose to NGN5,5 billion.
Last year the company posted a NGN3,9 billion. The result of Beta Glass is also an indication of what might be expected from the bottled beverage and brewery companies.
The company must have also cut some jobs as its Administrative expenses crashed to NGN331 million compared to NGN500 million.
Net profit for the period rose to NGN1,4 billion. The result showed a better performance year on year given the fact that it reported NGN595 million last year.
The company said its total asset has risen to NGN32,8 billion. Liabilities has also increased to NGN12,6 billion year on year
Beta Glass Plc (the Company) manufactures, distributes and sells glass bottles and containers for the leading soft drinks, wine and spirit, pharmaceutical and cosmetics companies. The Company has manufacturing plants in Agbara Ogun state and in Ughelli Delta state. Beta Glass Plc exports to some African countries including: Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Senegal, Sierra Leone and Togo.
The Company is a public limited company, which is listed on the Nigerian Stock Exchange and incorporated and domiciled in Nigeria. The address of its registered office is Iddo House, Iddo, Lagos State, Nigeria. P.O. Box 159.
Beta Glass Plc is a subsidiary of Frigoglass Industries Nigeria Limited (the parent company) which holds 61.9% of the ordinary shares of the company. The ultimate controlling party is Frigoinvest Holdings B.V. Netherlands.