Beta Glass Plc appoints Denis Simonin as director

The Board of Directors of Beta Glass Plc has appointed Mr. Denis SIMonin as an independent non-executive director of the company.

The information was contained in a company notice to the Nigerian Exchange Limited (NGX) and the public, which was made available to Nairametrics.

The nomination will be ratified at the next General Meeting of Shareholders of the Company.

The statement reads:

“Beta Glass Plc, a member of the Frigoglass Group, announces changes to its Board of Directors. Beta Glass announces that Mr. Denis SImonin has been appointed as an independent non-executive director at the Board meeting held on 26 June 2024, and his appointment will be ratified at the next Annual General Meeting of Shareholders of the Company.”

Denis Simonin’s Profile

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

With his commercial education, Denis has proven to be a professional in the international arena and his financial skills are very good.

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

Denis has gained extensive experience in Africa, where he supervised large CAPEX projects and managed collaboration with multiple stakeholders in the glass industry.

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

Financial result

Beta Glass Plc has released its unaudited financial statements for the three-month period ended March 31, 2024, showing a 23.9% decline in profit after tax to N1.439 billion from N1.892 billion in the first quarter of 2023.

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

However, revenue from customer contracts during the quarter increased to N24.309 billion from N14.984 billion in Q1 2023, representing an increase of 62.23%.

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

Basic earnings per share from continuing operations was N2.4, compared with N3.15 a year earlier.

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 started the year at a share price of N59.40 and has since lost 10.8% of its price valuation.