BETA GLASS : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

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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: [phone]	Tel: [phone]	P.O.Box 2515, Lagos, Nigeria.
234-01-2806714	234-8070990284	Tel: [phone]

Beta Glass Plc

Unaudited Interim Financial Statements

For the Period Ended 31 December 2022

BETA GLASS PLC, MEMBER OF FRIGOGLASS GROUP

BETA GLASS PLC

Beta Glass Plc

Unaudited Interim Financial Statements

For the Period Ended 31 December 2022

Table of contents	Page
Compliance Certificate	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

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Beta Glass Plc

Compliance Certificate on the Company's Unaudited Interim Financial Statements

For the Period Ended 31 December 2022

We hereby certify that:

1. We the undersigned have reviewed the Interim financial statements of Beta Glass Plc ("the Company) for the period ended 31 December 2022.

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

1. omit to state a material fact, which would make the statement misleading in the light of the circumstances under which the statement was made.

1. 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.
2. We, the undersigned:

i. are responsible for establishing and maintaining controls;

1. 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;
2. have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the report.;
3. 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.

1. We have identified in the report whether or not there were 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
30th January 2023	30th January 2023
FRC/2016/IODN/00000015783	FRC/2013/ANAN/00000002336

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Period Ended 31st December 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER 2022

			For the period ended
		3 months	12 months	3 months	12 months
		October-	31	October-	31
		December	December	December	December
		2022	2022	2021	2021
	Notes	N'000	N'000	N'000	N'000
Revenue from contract with customers	6	15,405,224	54,340,362	11,362,524	36,982,815
Cost of sales	7.1	(11,688,274)	(43,179,481)	(9,537,317)	(27,729,399)
Gross profit		3,716,950	11,160,881	1,825,207	9,253,416
Selling and distribution expenses	7.3	(95,407)	(245,935)	(59,638)	(203,708)
Administrative expenses	7.2	(1,165,360)	(3,330,489)	(832,117)	(2,301,829)
Other income / (Loss)	8	309,020	600,863	562,270	1,101,875
Operating profit		2,765,203	8,185,320	1,495,722	7,849,754
Foreign exchange loss	9	(981,098)	(1,285,458)	(333,757)	(763,346)
Finance income	10.1	540,731	1,230,676	211,681	597,144
Finance cost	10.2	94,609	(630,711)	(60,284)	(244,643)
Finance income - net	10	635,340	599,965	151,397	352,501
Profit before taxation for the period		2,419,445	7,499,827	1,313,362	7,438,909
Income tax expense	11	(899,571)	(2,525,293)	(20,691)	(1,981,238)
Profit after tax for the period		1,519,874	4,974,534	1,292,671	5,457,671
Other comprehensive income
Other comprehensive income for the year-
net of tax		-	-	-	-
Total comprehensive income for the period		1,519,874	4,974,534	1,292,671	5,457,671
Earnings per share (EPS)
Basic and diluted EPS (Naira)	12	3.04	9.95	2.59	10.92

The notes on pages 8 to 49 are an integral part of these financial statements.

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BETA GLASS PLC

Unaudited Interim Financial Statement for the Period Ended 31st December 2022

STATEMENT OF FINANCIAL POSITION

AS AT 30 DECEMBER 2022		31
		31 December
		December
		2022	2021
	Notes	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	19	24,324,508	22,511,651
Right-of-use assets	20	51,027	46,806
Intangible assets	14	8,146	12,563
		24,383,681	22,571,020
Current assets
Inventories	15	9,583,789	9,179,179
Trade and other receivables	16	26,215,539	15,476,340
Cash in hand and at bank	17	15,792,616	15,885,871
		51,591,944	40,541,390
Total assets		75,975,625	63,112,410
Liabilities
Non-current liabilities
Deferred tax liabilities	21	3,584,963	3,584,963
		3,584,963	3,584,963
Current liabilities
Borrowings	18	9,597,897	4,829,269
Trade and other payables	22	13,472,824	11,853,395
Current income tax	23	2,605,488	576,145
Dividend payable	24	161,983	141,220
		25,838,192	17,400,029
Total liabilities		29,423,155	20,984,992
Equity
Issued share capital	25	299,983	249,986
Share premium	25	312,847	312,847
Other reserves	26	2,429,942	2,429,942
Retained earnings	27	43,509,698	39,134,643
Total equity		46,552,470	42,127,418
Total equity and liabilities		75,975,625	63,112,410

The notes on pages 8 to 49 are an integral part of these financial statements.

The Unaudited Interim financial statements on pages 4 to 49 were approved and authorised for issue by the Board of Directors on 30th January 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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