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Nigerian Enamelware’s trade receivables rise to N4.6bn

Nigerian Enamelware’s trade receivables rise to N4.6bn

The amount owed by trade debtors to Nigerian Enamelware Plc, a Nigerian firm involved in manufacturing, marketing and distribution of enamelware products, rose by 31 percent within a year.

According to the company’s unaudited financial statement, its trade receivables increased to N4.64 billion for the nine months ended January 2024 from N3.47 billion in the same period ended January 2023.

Trade receivables are invoices owed to a firm by customers who are yet to pay for the goods or services provided to them.

Further findings from the statement show that the firm’s stocks declined to N168.4 million from N164.5 million. Trade and other payables fell to N2.66 billion from N3.98 billion.

The firm recorded an after-tax loss which widened to N93.2 million from N17.8 million during the period.

Turnover rose to N283.7 million from N208.6 million, driven by Enamelware products worth N278.1 million and other income on scraps sold worth N5.6 million.

Revenue from Enamelware products increased to N278.1 million from N175.3 million while revenue from other income on scraps sold dropped to N5.6 million from N33.3 million.

The firm recorded a cost of sales of N296.7 million from N195.1 million. Administrative expenses surged to N80.2 million from N31.3 million.

Total assets grew to N5.6 billion from N4.4 billion. Shareholders’ fund increased to N1.7 billion from N126.9 million.

Net cash generated by operating activities stood at a negative of N977.5 million from a positive of N13.6 million for the period reviewed.

Cash and cash equivalents grew to N442.5 million from N20.4 million while the firm reported a loss per share of N1.23 from N0.23.

The firm manufactures and markets a range of enamelware, plastic products and galvanised buckets.

It also produces a selection of home furnishings, cosmetic jewelry and electrical bicycles. Nigeria Enamelware Company Plc is a subsidiary of I Feng Limited, a company based in Hong Kong and its head office is in Lagos, Nigeria.