Nigerian Enamelware Plc has recorded N2.59 billion after-tax loss for its 12 months ended July 2024 driven by its provision for doubtful debt during the period, BusinessDay analysis shows.
The firm made provision of N2.66 billion for doubtful debt in the twelve months ended July 2024 while no provision was made for such in the same period of the previous year.
Further analysis reveals that trade debtors grew to N3.83 billion from N3.57 billion, staff debtors increased to N1.54 million from N681,000 and prepayment stood at N208.2 million while none was recorded in the previous year.
Nigerian Enamelware recorded N2.59 billion after-tax loss as against an after-tax profit of N1.69 billion for the same period in 2023.
The firm’s revenue increased to N718.4 million from N227.3 million while the cost of sales increased simultaneously to N530.6 million from N254.5 million.
Total assets dropped to N2.5 billion from N5.5 billion and shareholders’ funds stood at a negative N744.3 million from a positive N1.83 billion.
Net cash generated by operating activities stood at a negative N1.01 billion from a positive N1.41 billion.
The firm notified the public of its board changes in a statement released on Nigerian Exchange Group and signed by Oyetola Oluwafemi, company secretary of Nigerian Enamelware Plc.
“This is to inform Nigerian Exchange Limited (NGX), the investing public and other stakeholders that in compliance with applicable codes of Corporate Governance, Robert Tung has resigned from the board of the company effective the close of business on July 24, 2024,” the statement said.
It said the board of Nigerian Enamelware Plc (the Company) would like to express its appreciation to the director for his commitment, leadership and extensive contributions to the success of the company since his appointment. The board wishes him outstanding success in all his aspirations.
“The company is pleased to announce the appointment of Kevin Cao Liang as a director in the company effective on July 25, 2024,” the company said.
Read also: Nigerian Enamelware reports N2.56bn full year pre-tax loss
Kevin Coo Liong started his career at Western Metal Products Company Limited as a Computer Engineer in August 2009, from where he rose to expatriate Admin/Personnel Officer in 2015 and was subsequently promoted to admin/personnel manager in 2022.
“Kevin Cao Liang is knowledgeable, conscientious and responsible in discharging his duties. In terms of management, he has excellent leadership skills and can communicate and coordinate effectively between the management and employees.
He has always been the representative of his company participating in large-scale consulate activities with Nigerians. He is an expert crisis manager, mediator and advocate of a peaceful working environment,” the firm stated.
Nigerian Enamelware Plc, in its released audited statement of financial position for the year ended April 30, 2024, recorded a loss before tax of N2.56 billion as against profit before tax of N2.57 billion in the preceding year which indicates a decline of 200 percent.
Nigerian Enamelware Limited was incorporated on May 21, 1960, as a Private Limited Liability Company. The company went public on 28th December 1979 in compliance with the Indigenisation Decree of 1977 and was granted a listing on the Nigerian Stock Exchange.
The company adopted its present name ‘Nigerian Enamelware Plc’ on June 6, 1991, in compliance with provisions of the Companies and Allied Matters Act, 2020.
Nigerian Enamelware Plc engages in the manufacturing, marketing, and sales of enamelware products in Nigeria. It is a subsidiary of Feng Company Limited, a company domiciled in Hong Kong, China. The latter holds 60 percent of the Nigerian Enamelware’s equity.
