Beta Glass pays dividend

Nigerian Beta Glass Plc paid a total sum of N227 million as dividend to its shareholders, some of who collected their dividend warrants recently at the Mainland Hotel, Ebute-Metta, Lagos venue of the …

Nigerian Beta Glass Plc paid a total sum of N227 million as dividend to its shareholders, some of who collected their dividend warrants recently at the Mainland Hotel, Ebute-Metta, Lagos venue of the Annual General Meeting of the company. According to Beta Glass chairman, chief C.O. Ogunbanjo, the dividend payment which amounts to 50 kobo per share represents an increase of 56% over the year 2000 pay-out of NGN 145 million. He stressed that the turnover rose by 30% from NGN 3.94 billion in the previous year to NGN 5.12 billion while the gross profit increased to 36% from NGN 908 million to NGN 1.25 billion in the year under review, adding that this ensured that the net profit spiral by 30% stands at NGN 863 million. Ogunbanjo told the shareholders that “these impressive results were attributed to high production efficiency for which the management deserves commendation.” He also said that the company had commenced the construction of its furnace number one at their Agbara plant which he said was designed to increase its capacity, adding that a newly computerised Automotive batch plan will soon replace the current semi automotive Batch plant in order to further enhance the company“s production efficiency. The shareholders elected three directors into the board at the meeting, namely, Doros Constantinou, Bashroun A.A. Adesanya and A.P. Leventis. Adesanya and Leventis retired by rotation in accordance with Articles of the Association and being eligible, offered themselves for re-election while Constantinou was appointed director in place of the former Beta Glass Plc. managing director, J. Androntso Poulous who resigned in 2001.