Nigerian Enamelware cuts Q1 loss to N37.5m

Nigerian Enamelware Plc has trimmed its annual loss to N37.5 million for the first quarter, down from a staggering N80.52 million loss in the same period last year. The company's financial performance saw a remarkable turnaround, primarily fueled by a surge in revenue, which jumped by nearly 400% to N231.72 million from N46.61 million in the comparable quarter of the previous year.

According to the company's unaudited interim financial statements, the cost of sales climbed to N201.63 million from N97.87 million, resulting in a gross profit of N30.09 million against a gross loss of N51.26 million in Q1 2025. Despite this turnaround, the operating expenses, including distribution and administrative costs, remained a challenge, with distribution expenses rising to N67.60 million from N29.26 million.

Consequently, the company reported a loss per share of 49 kobo for the quarter, a significant improvement from a loss per share of 106 kobo in the same period of 2025. The Managing Director, Taiwo Alli, and Finance Manager, Olakunle Adeoye, in their joint certification statement, affirmed the board's dedication to maintaining strict operational oversight and adhering to internal financial reporting standards.

The executive leadership stated that the financial statements and other financial information presented are accurate and fairly represent the company's financial condition and results of operations with 'material accuracy.' As of 31 July 2026, total assets slightly increased to N2.92 billion from N2.89 billion at the end of the previous financial year.

However, the negative net equity widened further to N846.39 million, highlighting the company's ongoing accumulated losses. Nigerian Enamelware's share price closed the reporting period at N40.70 per share, maintaining full compliance with the NGX Main Board free float requirements, recording a 39.80% float.