Beta Glass Plc has reported an annual reduction in profit of N4.6 billion in 2022 from the N5.5 billion recorded in the previous year.
This information was disclosed in its financial statement for the year ending December 31, 2022.
Summary of the key takeaways from the financial report:
Revenue:
2022 FY: N54,340,363,000
2021 FY: N36,982,815,000
Profit before tax:
2022 FY: N6,991,177,000
2021 FY: N7,438,909,000
Profit after tax:
2022 FY: N4,685,414,000
2021 FY: N5,457,671,000
Gross Profit:
2022 FY: N10,509,585,000
2021 FY: N9,253,416,000
Total Liability:
2022 FY: N29,681,202,000
2021 FY: N20,984,992
Total Assets:
2022 FY: N75,944,552,000
2021 FY: N63,112,410,000
RateCaptain’s analyst believes the cause behind this decline can be attributed to increased competition within their industry, which led them to reduce prices for goods and services, resulting in a loss; additionally, they may have had higher operational costs due to new investments.
