Beta Glass Plc appoints Denis SImonin as director

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The Board of Beta Glass Plc has appointed Mr. Denis SImonin as an Independent Non-Executive Director of the company.

This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) and the investing public seen by Nairametrics.

The appointment will be ratified at the next Annual General Meeting of the Company.

The statement reads:

“Beta Glass Plc, a member of Frigoglass Group, announces changes to its Board of Directors Beta Glass, announces that Mr. Denis SImonin was appointed as an Independent Non-Executive Director at the meeting of the Board held on June 26, 2024, and his appointment will be ratified at the next Annual General Meeting of the Company”.

Profile of Denis Simonin

According to the statement signed by Beta Glass Company Secretary, DCSL Corporate Services Limited Mr. Denis Simonin is a seasoned business leader with extensive board experience in manufacturing companies in Nigeria.

With strong commercial acumen, Denis has demonstrated his expertise as an international executive with robust financial skills.

His career spans the glass and construction industries, where he has showcased proficiency in strategy, negotiation, transversal team management, business planning, and international business.

Denis has significant experience in Africa, where he has overseen large CAPEX projects and managed multi-stakeholder engagements across the glass business.

He has held significant positions at Saint-Gobain, and Etex. Denis has held full P&L responsibilities in complex environments, including joint ventures and family holdings, proving his ability to drive business transformation, navigate profitable markets, and expand into new territories.

Financial performance

Beta Glass Plc has released its unaudited interim financial statements for the three-month period ended 31 March 2024 with a 23.9% drop in profit after tax to N1.439 billion from N1.892 billion in Q1 2023.

Profit before tax dropped by 26.37% in the first quarter of 2024 to N2.060 billion from N2.798 billion reported in Q1 2023.

Revenue from contracts with customers during the quarter however rose to N24.309 billion from N14.984 billion in Q1 2023, representing a 62.23% increase.

Cost of sales decreased by 82.34% during the period under review from N11.392 billion in the first quarter of 2023 to N20.772 billion in Q1’2024.

Basic earnings per share from continuing operations was N2.4 compared to N3.15 a year ago.

Beta Glass closed its last trading day on Friday, July 5, 2024, at N53.00 per share on the Nigerian Stock Exchange (NGX). Beta Glass began the year with a share price of N59.40 and has since lost 10.8% off the price valuation.

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