Nigerian Enamelware Plc has returned to profitability after making a loss in 2022, as it recorded a profit after tax of N1.68 million in the year ended 30 April 2023, despite revenue declining to N227.30 million in 2023 compared to N354.8 million in the previous year.
Enamelware is a Nigeria-based company that engages in the manufacturing and marketing of enamelware products.
The report showed that the company’s revenue for the year ended April 2023 decreased by 36 percent to N227 million in contrast to N354 million as of April 2022. Also, the cost of sales decreased by 38 percent to N254 million in 2023 as against N410 million in 2022.
On the contrary, the company’s gross profit for the year ended April 2023 rose by 491percent to N1.7 billion in 2023 compared to N431 million as of April 2022.
The company’s revenue mainly came from the sales of enamelware products. However, the Nigerian Enamelware also generated the total sum of N2.7 billion from other incomes which include the sales of assets (N2.6billion), scrap sales (N49.6million) and no longer required provisions (N5.4 million).
It was also recorded in the report that the Directors of the company recommended no dividend for the year ended April 2023
Nigerian Enamelware Plc operates through three segments: Sale of Enamelware, sale of plastic and sale of Galvanised bucket.The Company’s holding company is I. Feng Limited, which is incorporated in Hong Kong.
