Enamelware suffers N2.6bn loss

Nigerian Enamelware PLC has reported a post-tax loss of N2.6bn, a 254 per cent decline from the N1.7bn profit recorded the previous year.

According to the company’s audited financial statements for the year ended April 30, 2024, which was filed with Nigeria Exchange Limited on Friday, the firm’s revenue jumped by 216 per cent to N718.3m compared to N227.3m in 2023.

Nigerian Enamelware engages in the manufacturing, marketing, and sale of enamelware, plastic products, and galvanised buckets in Nigeria.

The cost of sales rose to N530.6m from N254.5m, driven by higher material costs and other production overheads.

Administrative expenses were reduced by 6.4 per cent from N107.7m to N100.8m.

Earnings per share plummeted by 254 per cent from N22.18 to a loss of N34.17.

Similarly, net assets per share fell by 141 per cent from N24.08 to N9.79, reflecting an erosion of shareholder value.

The company faced cash flow challenges, with net cash provided by operating activities dropping to N1.0bn from N1.6bn in the previous year.

Despite those financial difficulties, the number of employees and shareholders remained stable at 91 and 3,268, respectively.

During the period under review, the firm paid N33m, lower than the N885m it paid in the previous year, on the back of deferred tax amounting to N9m.

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