Beta Glass Plc said it will pay its shareholders N1.30 per 50 kobo of ordinary shares for 2018 full-year. The company reached the resolution at its 45th Annual General Meeting (AGM) which held on 4th July 2019 at the Federal Palace Hotels, Victoria Island, Lagos.
The company at the meeting also resolved to re-elect Otunba Abimbola Ogunbanjo, Chairman of the Board of Directors, Mr. Darren Bennett-Voci, Managing Director and Mr. Nikolaos Mamoulis as a Director of the Company.
Also at the AGM, the company reached an agreement for Ernst & Young Nigeria (EY) to serve as its Auditors, and the directors agreed to set the remuneration and expenses of the Auditors in respect of the audit to be conducted for the year ending December 31, 2019.
Prof. Adeniyi Osuntogun, Chief Simeon Adebiyi, and Chief Robert Igwe were returned unopposed as shareholders’ representatives on the Audit Committee.
The company resolved that Director’s Annual Fees payable to each Non-Executive Director be set at N500,000 per year, except for the chairman who will be paid N750,000 per year.
It was also resolved that pursuant to the Nigerian Stock Exchange rules governing transactions with related parties or interested parties, a general mandate was given to the Directors of the Company to enter into recurrent transactions with related parties for the Company’s day-to-day operations, including the procurement of goods and services on normal commercial terms.
Beta Glass posted profit after tax of N5bn for the 2018 full year, a 23% increase from the prior year. Revenue grew by 19% to N26.3bn from N22.1bn in 2017, driven by a 17% increase in selling and distribution expenses.
Beta Glass is a leading player in the glass bottle making business for a diverse market including beverage industry – beer bottles, spirits bottles, Wine bottles, and pharmaceutical containers among others.