Beta Glass Plc, a member of Frigoglass Group and the leading glass packaging manufacturer in West and Central Africa, has announced a N1.76bn dividend at the company’s 51st Annual General Meeting (AGM), which was held recently at Landmark Event Centre in Lagos.

The event, attended by shareholders, institutional investors, and regulators, provided 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.

As Beta Glass Plc enters a new fiscal year, the company is expanding its export footprint and investing in alternative sustainable energy sources to boost efficiency and support growing domestic and international demand.

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 N1.76 billion, a 111 per cent increase from the previous year.

In his address, the Chairman also noted that the results a 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,” Ezinwa said.

He revealed that for the full year, the firm recorded an 87 per cent increase in revenue, while Profit After Tax (PAT) rose by 112 per cent compared to the previous financial year.

This exponential growth, Ezinwa said, was primarily driven by a 61 per cent increase in pricing and a 16 per cent increase in sales volume, reflecting the increase in market demand.

“The company’s dividend per share rose from N1.4 in 2023 to N2.95 per share in 2024,” he said.

Chief Executive Officer of Beta Glass, Alexander Gendis, attributed the company’s robust performance to strategic decisions focused on capacity utilisation, operational efficiency, and customer-centricity.

“For us, 2024 was a continuation of a journey of transformation and consolidation. 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,” Gendis said.

At the end of the 2024 financial year, Beta Glass Plc delivered a gross profit of N30.75 billion, up by 148 per cent from N12.38 billion recorded in the previous year. Profit Before Tax increased to N19.90 billion, representing a 111 per cent increase from the 9.45 billion recorded in 2023. Profit After Tax rose by 112 per cent to close the year at N13.63 billion from N6.44 billion 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.