Beta Glass announces 38% decline in profit, declares N1.04 dividend

By Kayode Tokede

Beta Glass Plc has announced 38per cent decline in profit, according to its audited result and accounts for full year ended December 31, 2020.

The company reported N3.47billion profit in 2020 as against N5.58billion reported in 2019.

Beta Glass’s profit before tax also reported 36.2 per cent decline in profit before tax to N5.1billion in 2020 from N8.01billion in 2019.

About 26 per cent decline in revenue to N25.6billion in 2020 from N29.4billion dragged profits downward.

However, the Directors of Beta Glass recommended to the shareholders, the payment of a gross dividend of N1.04 per 50 kobo ordinary share to all shareholders on the Company’s Register of Members as at the close of business on June 10, 2021.

Independent auditor’s, EY in their report stated that, “The company has Export Expansion Grant (EEG) receivables of N1.84billion and unutilised Negotiable Duty Credit Certificates (NDCC) of N1.02billion as at December 31, 2020.

“EEG receivables is recognized based on export sales as soon as the related export process are repatriated into the country within 300 days of the sales unutilized NDDC is recognized when certificates are issued to the company the Nigerian Promotion Council (NEPC) for settlement of EEG receivable.”