Nigerian Enamelware cuts Q1 loss to N37.5m

Nigerian Enamelware Plc has reported a reduced loss for the first quarter of 2026, cutting its loss before tax to N37.51 million from N80.52 million in the same period of 2025. The improvement was primarily due to a significant surge in revenue, which grew by nearly 397 percent to N231.72 million from N46.61 million in the prior year's quarter.

The company's unaudited interim financial statements, filed with the Nigerian Exchange Limited, showed a gross profit of N30.09 million compared to a gross loss of N51.26 million in Q1 2025. However, the increased distribution and administrative overheads continued to impact profitability, leading to a loss per share of 49 kobo, down from 106 kobo in the previous period.

The Managing Director, Taiwo Alli, and Finance Manager, Olakunle Adeoye, confirmed the board's commitment to operational oversight and financial reporting standards, stating that the financial statements fairly represent the company's condition and operations. Total assets grew slightly to N2.92 billion as of 31 July 2026, but negative net equity widened to N846.39 million, indicating ongoing accumulated losses.

The firm's share price closed at N40.70 per share, and it maintained full compliance with NGX Main Board free float requirements, with a 39.80 percent float.