This marks a whopping 122.89% jump from last year's profit of N9.4 billion. In the fourth quarter alone, the pre-tax profit hit N8.6 billion, which is a staggering 432.78% increase from N1.6 billion in Q4 2023.
Looking at revenue, the fourth quarter saw a year-over-year rise of 116.04%, bringing in N37.8 billion compared to N17.5 billion during the same period last year.
For the entire year, revenue totaled N117.5 billion, up 86.92% from N62.9 billion the previous year, primarily driven by sales of glassware and bottles.
Key financial highlights show revenue of N117.5 billion, reflecting an 86.92% increase year-over-year. The cost of sales climbed 72.62% to N87.2 billion, leading to a gross profit of N30.3 billion, which is a 145.22% rise compared to last year. Selling and distribution expenses went up by 6.57% to N339 million, while administrative expenses increased by 55.34% to N5.6 billion. Operating profit reached N24.3 billion, marking a 217.39% year-over-year growth. Finance income surged by 289.71% to N8.1 billion, although finance costs also rose significantly, increasing by 346.60% to N9.4 billion. Overall, pre-tax profit stood at N21 billion, showing a 122.89% improvement from the previous year. Total assets grew by 23.70% year-over-year, reaching N132.1 billion.
Beta Glass announced its revenue for 2024 hit N117.5 billion, marking an impressive 86.92% jump from N62.9 billion in 2023.
A big chunk of this revenue came from glassware and bottle sales, with local sales making up over 90% of the total.
At the same time, the company's cost of sales rose by 72.62% to N87.2 billion, up from N50.5 billion the year before. This included N11.8 billion for materials, N8.1 billion for fuel, gas, and electricity, along with other expenses.
Even with the rising costs, Beta Glass managed to pull in a gross profit of N30.3 billion, which is a whopping 145.22% increase from N12.3 billion in 2023.
Selling and distribution expenses went up slightly by 6.57% to N339 million from N318.1 million, while administrative costs jumped significantly by 55.34% to N5.6 billion from N3.6 billion.
On a brighter note, the company’s operating profit skyrocketed by 217.39% year-over-year, reaching N24.3 billion, up from N7.6 billion.
Finance income saw a massive increase of 289.71% to N8.1 billion, mainly from interest on related party loans and fixed deposits, compared to N2 billion the previous year.
However, finance costs also surged by 346.60% to N9.4 billion, up from N2.1 billion in the prior year.
Despite this, Beta Glass reported a pre-tax profit of N21 billion for the full year, which is a 122.81% rise from N9.4 billion in FY 2023.
The company’s total assets climbed to N132.1 billion in 2024, a significant increase from N106.8 billion the year before.
Non-current assets reached N36 billion, up from N33.7 billion, with property, plant, and equipment making up a hefty 99% of that total.
Current assets also saw a notable rise, growing to N96.1 billion from N73 billion in the previous year, driven by trade and other receivables of N62.1 billion, inventories of N22.9 billion, and cash reserves of N11 billion.