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(RC13215)
BETA GLASS PLC | NIS ISO 9001:2008 CERTIFIED | |
HEAD OFFICE | DELTA PLANT | GUINEA PLANT |
Iddo House, Iddo, P.O.Box 159, | KM 17, Warri - Patani Road, | KM 32, Lagos Badagry Express Road, |
Lagos, Nigeria | P.M.B. 48, Ughelli, Delta State, Nigeria | Agbara Industrial Estate, Ogun State |
Tel: 234-01-7740844 | Tel: 234-8070990069 | P.O.Box 2515, Lagos, Nigeria. |
234-01-2806714 | 234-8070990284 | Tel: 234-01-7733138 |
Beta Glass Plc
Unaudited Interim Financial Statements
For the Second Quarter (Six Month) Period Ended 30 June 2023
BETA GLASS PLC, MEMBER OF FRIGOGLASS GROUP
BETA GLASS PLC
Beta Glass Plc
Unaudited Interim Financial Statements
For the Period Ended 30 June 2023
Table of contents | Page |
Certification of Unaudited Interim Financial Statements | 3 |
Interim statement of profit or loss and other comprehensive income | 4 |
Interim statement of financial position | 5 |
Interim statement of changes in equity | 6 |
Interim statement of cash flows | 7 |
Accounting policies and notes to the interim financial statements | 8 |
2
Beta Glass Plc
Certification of the Company's Unaudited Interim Financial Statements
For the Six Months Period Ended 30 June 2023
We hereby certify that:
-
We the undersigned have reviewed the Interim financial statements of Beta Glass Plc ("the Company) for the period ended 30 June 2023. Based on our knowledge as officers of the Company, the interim financial statements do not contain:
i. any untrue statement of a material fact, or
- omit to state a material fact, which would make the statement misleading in the light of the circumstances under which the statement was made.
- Based on our knowledge, the financial statements and other financial information included in the quarterly report fairly represent in all material respect, the financial conditions and results of operations of the Company as of, and for the period presented in the report.
- We, the undersigned:
i. are responsible for establishing and maintaining controls;
- have designed such internal controls to ensure that material information relating to the Company is made known to us by others within those entities particularly during the period in which the periodic reports are being prepared;
- have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report.;
- have presented in the report our conclusions about the effectiveness of their internal controls based on their evaluation as of that date;
d) We have disclosed to the external auditors of the Company and the audit committee:
i. all significant deficiencies in the design or operation of the internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified to the Company's Auditors any material weakness in internal controls, and
ii. any fraud, whether or not material, that involves management or other employees who have significant role in the Company's internal controls.
- There are no significant changes in internal controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weakness.
Mr. Darren Bennett-Voci | Mr. Dhanikonda Shanker |
Managing Director | Chief Financial Officer |
26th July 2023 | 26th July 2023 |
FRC/2016/IODN/00000015783 | FRC/2013/ANAN/00000002336 |
3
BETA GLASS PLC
Unaudited Interim Financial Statement for the Six Months Period Ended 30th June 2023
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2023
For the period ended | |||||
3 months | 6 months | 3 months | 6 months | ||
April-June | 30 June | April-June | 30 June | ||
2023 | 2023 | 2022 | 2022 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Revenue from contract with customers | 6 | 14,857,992 | 29,841,708 | 12,760,574 | 23,207,664 |
Cost of sales | 7.1 | (11,318,153) | (22,710,712) | (9,598,215) | (17,753,369) |
Gross profit | 3,539,839 | 7,130,996 | 3,162,359 | 5,454,295 | |
Selling and distribution expenses | 7.3 | (96,780) | (173,704) | (41,732) | (96,289) |
Administrative expenses | 7.2 | (810,167) | (1,621,987) | (703,489) | (1,324,245) |
Net Impairment loss | 16.2 | - | - | ||
Other income / (Loss) | 8 | (398,298) | (383,057) | 9,077 | (983) |
Operating profit | 2,234,594 | 4,952,248 | 2,426,215 | 4,032,778 | |
Foreign exchange Gain / (loss) | 9 | 705,595 | 613,521 | (188,073) | (368,033) |
Finance income | 10.1 | 611,241 | 1,033,627 | 188,372 | 380,380 |
Finance cost | 10.2 | (326,586) | (575,696) | (221,950) | (252,912) |
Finance income - net | 10 | 284,655 | 457,931 | (33,578) | 127,468 |
Profit before taxation for the period | 3,224,844 | 6,023,700 | 2,204,564 | 3,792,213 | |
Income tax expense | 11 | (1,065,656) | (1,972,810) | (705,462) | (1,213,510) |
Profit after tax for the period | 2,159,188 | 4,050,890 | 1,499,102 | 2,578,702 | |
Other comprehensive income | |||||
Other comprehensive income for the year-net of | |||||
tax | - | - | - | - | |
Total comprehensive income for the period | 2,159,188 | 4,050,890 | 1,499,102 | 2,578,702 | |
Earnings per share (EPS) | |||||
Basic and diluted EPS (Naira) | 12 | 3.60 | 6.75 | 2.50 | 4.30 |
The accompanying notes to the financial statements are an integral part of these financial statements.
4
BETA GLASS PLC
Unaudited Interim Financial Statement for the Six Months Period Ended 30th June 2023
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023 | 31 | |||
30 June | December | |||
2023 | 2022 | |||
Notes | N'000 | N'000 | ||
Assets | ||||
Non-current assets | ||||
Property, plant and equipment | 19 | 23,439,145 | 24,344,205 | |
Right-of-use assets | 20 | 117,765 | 51,025 | |
Intangible assets | 14 | 5,989 | 8,146 | |
23,562,899 | 24,403,376 | |||
Current assets | ||||
Inventories | 15 | 11,431,681 | 9,617,231 | |
Trade and other receivables | 16 | 31,216,887 | 26,131,329 | |
Cash in hand and at bank | 17 | 23,225,721 | 15,792,616 | |
65,874,289 | 51,541,176 | |||
Total assets | 89,437,188 | 75,944,552 | ||
Liabilities | ||||
Non-current liabilities | ||||
Deferred tax liabilities | 21 | 3,538,605 | 3,538,605 | |
3,538,605 | 3,538,605 | |||
Current liabilities | ||||
Borrowings | 18 | 19,602,928 | 9,597,897 | |
Trade and other payables | 22 | 13,629,854 | 13,950,402 | |
Current income tax | 23 | 2,189,578 | 2,432,315 | |
Dividend payable | 24 | 161,983 | 161,983 | |
35,584,343 | 26,142,597 | |||
Total liabilities | 39,122,948 | 29,681,202 | ||
Equity | ||||
Issued share capital | 25 | 299,983 | 299,983 | |
Share premium | 25 | 312,847 | 312,847 | |
Other reserves | 26 | 2,429,942 | 2,429,942 | |
Retained earnings | 27 | 47,271,468 | 43,220,578 | |
Total equity | 50,314,240 | 46,263,350 | ||
Total equity and liabilities | 89,437,188 | 75,944,552 | ||
The accompanying notes to the financial statements are an integral part of these financial statements.
The Unaudited Interim financial statements were approved and authorised for issue by the Board of Directors on 26th July 2023 and were signed on its behalf by:
Mr. Darren Bennett-Voci | Mr. Shanker Dhanikonda | ||
Managing Director | M | i Di | |
Chief Financial Officer | |||
FRC/2016/IODN/00000015783 | FRC/2013/ANAN/00000002336 |
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Beta Glass plc published this content on 29 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2023 01:09:22 UTC.