Beta Glass Plc Tuesday announced a growth of 52 per cent in net profit for the half year ended June 30, 2013 just as the Nigerian equities market returned to the bears zone.
Beta Glass, which manufactures, distributes and sells glass bottles and containers reported a net profit of N788.752 million in 2013, up from N501.852 million in the corresponding period of 2012.
The growth in profit was higher than the 30 per cent growth witnessed in revenue and gross profit. Revenue stood at N6.761 billion in 2013, compared with N5.198 billion in 2012. Gross profit rose from N1.352 billion in 2012 to N1.770 billion in 2013.
However, reduction in finance costs boosted the net profit of the company, resulting in earnings per share of 158 kobo in 2013, up from 100 kobo in the corresponding period of 2012.
Despite the growth in half-year profit announced by Beta Glass, its share price stagnated at N13.18 per share. But the stagnation appears to be a blessing for the equity as some other stocks recorded significant price declines in a day the market returned to the bears' territory.
Trading had resumed the previous day on a positively note with the Nigerian Stock Exchange (NSE) All-Share Index (ASI), gaining 0.24 per cent to close at 36,337.15.
However, the positive trend was reversed Tuesday as the gains of the previous day were wiped out yesterday. The ASI shed 0.29 per cent to close at 36,230.83, while market capitalisation shed N34 billion to close at N11.491 trillion.
The bearish trading was not restricted to Nigeria alone as most markets across Africa, apart from Ghana and South Africa, witnessed negative trading sessions as well. The depreciation in the Nigerian market notwithstanding, it has the third highest year-to-date (YTD) growth of 25.9 per cent as at Tuesday. Ghana is leading with 65.43 per cent followed by South Africa with 25.94 per cent.
