Beta Glass Plc, Nigeria’s biggest glass maker, doubled its dividend to N1.76 billion after reporting a 112 percent jump in profit after tax (PAT) for the 2024 financial year, the firm announced at its 51st Annual General Meeting held recently in Lagos.
Shareholders approved a dividend of N2.95 per share, up from N1.40 the previous year, after the Frigoglass Group subsidiary posted strong growth in both pricing and sales volumes.
Full-year revenue rose 87 percent, driven by a 61 percent price increase and 16 percent volume growth, reflecting robust market demand across West and Central Africa.
Vitus Ezinwa, chairman of the company’s board, welcomed shareholders and commended the company’s resilience in the face of headwinds that have squeezed manufacturers’ margins.
“The results we share today reflect a business that has remained steadfast, agile and deeply committed to delivering value,” Ezinwa said in a speech where he commended shareholders for their “invaluable support”.
“Despite inflationary pressures, exchange rate fluctuations and rising costs, Beta Glass’ 2024 fiscal performance exceeded our expectations.”
Read also: Beta Glass eyes year-long profitability amid bullish investors’ sentiments
Alexander Gendis, the CEO of Beta Glass, attributed the company’s performance to strategic decisions around capacity utilisation, operational efficiency and customer-centricity.
“For us, 2024 was a continuation of a journey of transformation and consolidation. Our company achieved margin expansion without compromising volume growth, which is a clear demonstration of the strength of our business model,” said Gendis.
“In 2025, we are cautious, yet optimistic. We’re not only expanding our footprint in various sectors but also our export focus on West and Central Africa. In addition to this, 2025 will see an increase in our sustainable energy efforts with our investment in a solar power plant at our Agbara plant.”
The company’s solar investment is part of a broader push toward energy cost optimisation and environmental compliance amid rising diesel and electricity prices in Nigeria.
Beta Glass, which supplies glass packaging to industries including beverages, pharmaceuticals, and food, is strengthening its export strategy as regional demand grows and currency volatility pressures local margins. The company exports to several West and Central African countries.
Shareholders also ratified board appointments and approved the audited 2024 financial statements during the AGM.
At the end of the 2024 financial year, Beta Glass Plc delivered a gross profit of N30.75 billion, up by 148 percent from N12.38 billion recorded in the previous year.
Read also: BetaGlass, Honeywell, Vitafoam lead H1 rally with over 200% returns
Profit Before Tax increased to N19.90 billion, representing a 111 percent increase from N9.45 billion recorded in 2023. Profit After Tax more than doubled to close the year at N13.63 billion.
The trend has also continued in 2025 as the glass manufacturer delivered a stellar earnings performance in the first quarter, recording a 594 percent increase in net profit to N9.99 billion, up from N2.44 billion in the same period of 2024.
Management struck a cautiously optimistic tone for 2025, citing macroeconomic headwinds but underscoring confidence in the company’s pricing power, diversified customer base, and focus on operational efficiency.
Beta Glass’ stock has risen by more than 414 percent in the first half of this year, handing juicy returns to investors as the company continues to maintain its growth trajectory and cost management strategy in a bid to improve confidence.
Leave a Comment