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Home Corporates

Beta Glass Plc annual profit drops by 16.5% in 2022

Rate Captain by Rate Captain
March 31, 2023
in Corporates
Reading Time: 1 min read
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Beta Glass Plc annual profit drops by 16.5% in 2022
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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.

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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.

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