Beta Glass 51st AGM: Doubles dividend to ₦1.76bn as PAT surges 112% in 2024
The event, which was attended by shareholders, institutional investors and regulators, offered a platform to review the company's Annual Report and Financial Statements for the year ended December 31, 2024 and set the course for future expansion and sustainability.
Chairman of the Board, Dr. Vitus Ezinwa, welcomed shareholders and commended the company's resilient performance in an increasingly complex macroeconomic environment. He announced a dividend of ₦1.76 billion Naira, a 111% increase from the previous year.
In his address, the Chairman also noted, 'The results we share today reflect a business that has remained steadfast, agile and deeply committed to delivering value. Despite inflationary pressures, exchange rate fluctuations and rising costs, Beta Glass' 2024 fiscal performance exceeded our expectations. We appreciate our shareholders' invaluable support and trust in our long-term vision.'
For the full year, Beta Glass Plc recorded an 87% increase in revenue, while Profit After Tax (PAT) rose by 112% compared to the previous financial year. This exponential growth was primarily driven by a 61% increase in pricing and a 16% increase in sales volume, reflecting the increase in market demand. The company's dividend per share rose from 1.4 Naira in 2023 to 2.95 Naira per share in 2024.
Chief Executive Officer of Beta Glass, Alexander Gendis, attributed the company's robust 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,' said Mr. Gendis. 'Our company achieved margin expansion without compromising volume growth which is a clear demonstration of the strength of our business model. 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.'
At the end of the 2024 financial year, Beta Glass Plc delivered a gross profit of 30.75 billion Naira, up by 148 % from 12.38 billion Naira recorded in the previous year. Profit Before Tax increased to 19.90 billion naira representing 111% increase from 9.45 billion recorded in 2023. While Profit After Tax rose by 112% to close the year at N13.63 billion Naira from N6.44 billion Naira in 2023.
Key resolutions presented at the AGM, including approval of the 2024 financial statements and the ratification of board appointments, were approved by shareholders.
As Beta Glass Plc enters a new fiscal year, the company is expanding its export footprints and investing in alternative sustainable energy sources to boost efficiency and support growing domestic and international demand.
About Beta Glass Plc
Beta Glass Plc is a leading manufacturer of premium glass packaging solutions for beverage, pharmaceutical and food industries.
Headquartered in Lagos, Nigeria, the company operates across nine other African countries, including Ghana, Côte d'Ivoire, Sierra Leone, Liberia, Cameroon, South Africa, and Burkina Faso.
Beta Glass also exports to markets such as Ghana, Burkina Faso, Ivory Coast, Angola, Benin, Gabon, Mauritius, and Togo, serving both regional and international clients with a strong commitment to quality, innovation, and sustainability.
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Updated 2025 Outlook Assumptions Light vehicle production assumptions reflect near-term original equipment manufacturer ["OEM"] production release information, including announced production downtime at certain OEM assembly facilities, but do not include the potential impact of tariffs and other trade measures on vehicle costs, vehicle affordability or consumer demand, nor the impact of these on vehicle production. Updated 2025 Outlook Our Outlook is intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Although considered reasonable by Magna as of the date of this document, the 2025 Outlook above and the underlying assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth herein. 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For further information about Magna (NYSE:MGA; TSX:MG), please visit or follow us on social. FORWARD-LOOKING STATEMENTS Certain statements in this press release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Any such forward-looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "assume", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "potential", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward-looking statements. The following table identifies the material forward-looking statements contained in this document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward-looking statements. Readers should also consider all of the risk factors which follow below the table: Forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. 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