BETA GLASS : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

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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 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

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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:

1. 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

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. 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

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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.

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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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