Nigerian Enamelware cuts Q1 loss to N37.5m

Nigerian Enamelware Plc has reported a reduced loss before tax of N37.51m for the first quarter ended 31 July 2026, marking a 53.4 per cent reduction from the N80.52m loss recorded in the corresponding period of 2025.

The improved performance was largely driven by a substantial growth in top-line revenue, which rose by nearly 397 per cent to N231.72m from N46.61m in the comparative quarter of the prior year.

According to the company’s unaudited interim financial statements filed with the Nigerian Exchange Limited on Thursday, cost of sales increased to N201.63m from N97.87m, yielding a gross profit of N30.09m compared to a gross loss of N51.26m in Q1 2025.

Despite the operational recovery, rising distribution and administrative overheads continued to weigh on bottom-line profitability. Distribution expenses stood at N67.60m, up from N29.26m in the previous period.

Consequently, the company reported a loss per share of 49 kobo for the quarter, down from a loss per share of 106 kobo reported in the same period of 2025.

In a joint certification statement accompanying the financial reports, the Managing Director, Taiwo Alli, and Finance Manager, Olakunle Adeoye, affirmed the board’s commitment to operational oversight and internal financial reporting standards.

“Based on our knowledge, the financial statements and other financial information included in the report are fairly present in all material respects the financial condition and results of operations of the company,” the executive leadership stated in the filing.

Further analysis showed that total assets expanded slightly to N2.92bn as of 31 July 2026, from N2.89bn recorded at the end of its financial year on 30 April  2026. However, negative net equity widened further to N846.39m, reflecting ongoing accumulated losses.

Nigerian Enamelware’s share price closed the reporting period at N40.70 per share. The firm also maintained full compliance with the NGX Main Board free float requirements, recording a 39.80 per cent float.