ENAMELWARE SUFFERS N2.6BN LOSS
1. Financial Losses:
- Post-Tax Loss: Nigerian Enamelware PLC reported a substantial post-tax loss of N2.6 billion for the year ending April 30, 2024. This is a significant turnaround from the N1.7 billion profit the company made in the previous year.
2. Revenue and Costs:
- Revenue: The company's revenue increased by 216%, rising to N718.3 million from N227.3 million in 2023.
- Cost of Sales: The cost of sales also grew to N530.6 million from N254.5 million, attributed to higher material costs and production overheads.
3. Administrative Expenses:
- Decrease: Administrative expenses were reduced by 6.4%, falling to N100.8 million from N107.7 million.
4. Earnings and Shareholder Value:
- Earnings Per Share: The earnings per share plummeted by 254%, dropping from a profit of N22.18 to a loss of N34.17.
- Net Assets Per Share: Net assets per share declined by 141%, from N24.08 to N9.79, indicating a significant erosion of shareholder value.
5. Cash Flow:
- Operating Activities: The net cash provided by operating activities decreased to N1.0 billion from N1.6 billion in the previous year.
6. Employee and Shareholder Stability:
- Numbers: Despite the financial challenges, the number of employees remained stable at 91, and the number of shareholders was unchanged at 3,268.
7. Tax Payments:
- Reduction: The company paid N33 million in taxes during the review period, a substantial decrease from the N885 million paid the previous year. This reduction was due in part to deferred tax amounting to N9 million.
Additional Information:
- Company Profile: Nigerian Enamelware PLC engages in the manufacturing, marketing, and sale of enamelware, plastic products, and galvanized buckets in Nigeria.
1. Financial Losses:
- Post-Tax Loss: Nigerian Enamelware PLC reported a substantial post-tax loss of N2.6 billion for the year ending April 30, 2024. This is a significant turnaround from the N1.7 billion profit the company made in the previous year.
2. Revenue and Costs:
- Revenue: The company's revenue increased by 216%, rising to N718.3 million from N227.3 million in 2023.
- Cost of Sales: The cost of sales also grew to N530.6 million from N254.5 million, attributed to higher material costs and production overheads.
3. Administrative Expenses:
- Decrease: Administrative expenses were reduced by 6.4%, falling to N100.8 million from N107.7 million.
4. Earnings and Shareholder Value:
- Earnings Per Share: The earnings per share plummeted by 254%, dropping from a profit of N22.18 to a loss of N34.17.
- Net Assets Per Share: Net assets per share declined by 141%, from N24.08 to N9.79, indicating a significant erosion of shareholder value.
5. Cash Flow:
- Operating Activities: The net cash provided by operating activities decreased to N1.0 billion from N1.6 billion in the previous year.
6. Employee and Shareholder Stability:
- Numbers: Despite the financial challenges, the number of employees remained stable at 91, and the number of shareholders was unchanged at 3,268.
7. Tax Payments:
- Reduction: The company paid N33 million in taxes during the review period, a substantial decrease from the N885 million paid the previous year. This reduction was due in part to deferred tax amounting to N9 million.
Additional Information:
- Company Profile: Nigerian Enamelware PLC engages in the manufacturing, marketing, and sale of enamelware, plastic products, and galvanized buckets in Nigeria.