Aluminium Extrusion Industries PlcNSENG: ALEX

Ind. plc.- quarter 1 - financial statement for 2025

Apr 30, 2025 at 1:13 PM UTC · Issued by Aluminium Extrusion Industries Plc

ALUMINIUM EXTRUSION INDUSTRIES PLC

FINANCIAL STATEMENTS 31 MARCH 2025

ALUMINIUM EXTRUSION INDUSTRIES PLC

STATEMEx oF rnorIT OR LOSS AND OTfIER COMPREHENSIVE INCOME

ron Tim rERiou rNDED zi hlARCH 2025

March Jan-Dec

2025 2024

N'000 N'000

Re›'enuc

453,655

2,781,436

C'ost of sales

(597,564) (2,734,036)

Gross profit

(143,909)

47,400

Other income

1,979 25,077

Gi'OSS l'O t

(141,930)

72,477

Depreciation anal Am ortization

Depreciation, anaort ization and proc isions

(8,610)

(1,725)

.d1n in istr‹iti e expenses

(77,923)

(181,576)

Sell ing expenses 6 (3,689) (23,070)

.Admin istrative cost

(90,222)

(206,371)

F inance cost

" (6,095) (52,448)

/drn in isti itii e and finance costs

(96,317)

(258,819)

Resti|t frr- the year

(238,247)

(186,342)

1 axation › rite bacl

(expense)

(7,500) (13,907)

1.oss for the ear

(245,747) (200,249)

Other Comprehensive income Transferrable to retained earnings:

Actuarial 3ain/(loss)
Fstir-› aluation of intangibles	10	- 1500
		- 1,500
Not ti-anst errable to retained earnings;
kc›?uatio1igain Other Comprehensive income	1 1	"' - 954,950 - 954,950
rotiil Comprehensive income	(245,747)		754,701
Lanii ngs per share - basic (kobo)	(12)		(90)

1 "

ALUMINIUM EXTRUSION INDrsToIEs PLC

STATEMENT OF FINANCIAL AS AT 31 MARCH 2024

POSITION

S4ar 2025

2024

Notes

N'000

Non-cH rrezt assets

Property'. plant and equ ipnJent

2,956,752

3,024,189

I nr n ib Ie assets

1,500

2,958,252

3,025,689

Current assets

Inventories

858,936

957,483

Trade and other receivables

1,857

14,195

C.ash and cash equivalents

13,462

11,062

Other en rrent assets

89,844

73,943

Tota 1 Cu rrent Assets

964,099

1,056,683

3,922,351

4,082,372

EQ U ITY AND LIABILITIES

2q uity

Steal e cap ital

109,978

S hare premiu m

124,956

Rei'a Ination reserve

2,218,725

k tained eai nings

380,845

626,592

2,834,504

3,080,251

Non-current liabilities

Deferred taxation

144,737

Boi ro»'ings

Total Non-cu rrent fin bilities

144,737

Current liabilities

Short tenJJ bui-rowings

221,869

204,6 89

Trade alid oilier payab!es

664,218

602,477

£ ui"t It tax Iiabi I jt ics

21,407

13,907

IN ther clJ i rent tax Iiahi1ities

16,652

17,347

Di 'i dends

13,850

Usher current liahil i ice

5,114

Tot: I cu i ren I lia bilities

943,110

857,3 84

Tctal lia bilities

1,087,847

1,002,121

Total equity and liabilities

3,922,351

4,082,372

ALUMINIUM EXTRUSION INDUTRIES PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2025

	Share	Sha re	Revaluation	Retained
	capital N'000	premium N'000	reserve N'000	earnings N'000	Total N'000
At 1 January	109,978	124,956	2,2 I 8,725	626,592	3,080,251
Loss for the year				(245,747)	(245,747)
Transfer of assets disposed

Other comprehensive incone

A t 31 Decemb er

109,978 124,956 * 2,218,725 380,845 2,834,504

ron THE PERIOD ENDED 31 AiARCH 2024

	Share capita 1	Share - Premium	Revaluation reserve	Retained earnings	Total
	N'000	N'000	N'000	N'000	N'000
At 1 Ianuary	109,978	124,956	1,292,643	919,524	2,447,IOI
hoes for the year				(123,050)	(123,050)
Adj ustirent ot dispersed assets			(11,950)	11,950
Other conapi elaensive in cone
At 31 Decein ber	109,978	124,956	1,280,693	808,423	2,324,050

ALUMINIUM EXTRUSION INDUSTRIES PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD Eh'DED 31 MARCH

2025

Mar 2025

Mar 2023

Note

N'000

Cas h flows 1'rom ope rating activities

Total coruprehens ive income

(245,747)

9,837

Adjustments n ot in volvin g mox'ement of cash

Depreciation of property, plant and eg uipment (note 17.2)

(8,610)

8,610

Amortisation ot intangible assets (note 18)

Finance cost (note 13) Profit o n dispose I of assets

U nc Iaimed d i› 1deny adjustmént

Fair-valuation of intangib les

Reval nation surplis

Incorne tax expense

(254,357)

18,447

Changes in assets and lia bilitics

Increase in inventories

"" 98,352

(212,969)

(1ncrease),'deerease in trade and other receivables

12,358

5,976

Increase in other current assets

15,903

16,563

Increase(decrease) in trade and other payables

(109,570)

(15,262)

Increase in other current tax liab ilities

1,690

5,837

Inc rease.'(decrease) in Dividends

Increase in other current liab il ities

Deci ease' in dete rred tax

income tax paid

\'itlih‹3ldins ' ° *dit F1C›tes utilized

Net cash for used in operatic g activities

(235,424)

(181,408)

Cash flows fro ni investinq• activities

(235,424)

Payrnelit for property, plant and equipment

l°rocecd ti-om sales ot Property, plant and equipment _ -Net cash how used in investing activities

Cas h l1o»'s from fi na ncing activities

Finance cost

B or row in gs - med ium term

(3,930)

U nclained Dividend adjustment ..

Net cash how provided b .'(used in) financing activities

(3,930)

(235,424)

(185,338)

Crisis and cash equivalents at 1 January

29,?17

29,217

(206,207)

(156,121)

ALUMINIUM EXTRUSION INDUSTRIES PI.C

NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 31 MARCH 2025

Cost of sales

2024

N'000

2023

N'000

Cost of raw' matei ials consumed

450,583

1,719,674

FOR THE PERIOD ENDED 31 MARCH 2025

37,749

150,976

Electricity, d lesel and IUbricants

24,317

452,335

Salaries and wages

52,275

147,141

Factory repsirs and maintenance

32,636

263,910

Engineering spares

Rent and rates

4,501

Depreciation

33,237

Movement in finished goods and work-in-progress

597,560

2,771,774

Other Income

Sale of metal scraps

8,077

I"rofit on disposal of Propety, plant and Equlprnent

1,979

17,000

1,979

25,077

ALUMINIUM EXTRUSION INDUSTRIES PLC

NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 31 MARCH 2025

Other comprehensive income

2025

N'000 2024 N'000

7.1 fair valuation ot intangibles

The intangible assets (software) was not fair-valued in the year.

1,500

Revaluation gain - -
This represents ihe Revaluation surplus arising from the revaluation of the Comply's assets during the year.

Property, Plant and Equipment

Sum Mary
The carrying amount of property, plant and equipment is stated as follows;
Land
1. easehoId building
  Extrusion plant and machinery Roofing plant amd machinery Euminture and equipment Motor vehicles

Acalysis of Property, plent a nd equipment

Extrusion Roofing Furnjture

	Land	Leasehold building	Plant and machinery	Plant and machinery	and equipment	Motor vehicles	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Deemed Cost
At I January 2023	1,261,300	652,200	1,021,500	19,200	12,640	58,600	3,025,440
Addition

Disposal - - - - - -

At 31 December 2024 1,261,300 652,200 1,021,500 19,200 12,640 58,600 3,025,440

Addition Disposal

Revaluation - - - -At 31 December 2024 1.261,300 652,200 1,021,500 19,200 12,640 58,600 3,025,440

De|ireciation

At I January 2024 Charge for the year Disposa

At 31March 2025 Charge for the period Disposal

2,186 6,253

1,251 - l#51

1,251 1,251

81 66 24 8,610

At 31March 2025 - 2,186 6,253 81 1,317 24 9,861

Carrying Amount

At 31 March 2025 1,261,300 650,014 1,0t5,247 19,119 11,323 58,576 3,015,579

At 31 March 2024 1,261,300 652,200 t,02l,500 19,200 11t389 58,600 3t024J189

ALUMINIUM EXTRUSION INDUSTRIES PLC

NOTES TO TUE FIUAh CIAL STATEMENTS (CONT'D) l' OR THU PEltIOD KNDED 31 MARCH 2025

Deemed Cost

4'he Company''s property, plant and cquipiaient were revalued on 20 December 2024 by Jide Taiwo & Co (Lstatc Sur›'e 'ors and Valuers - kRC/2012/00000000254) on the basis of market value at the sum of N 2,146,451,775. The revaluation gain o1' N9o4,950,410 arising therefrom was accounted for as part of other cornprchcnsi›'e income in the year of reval elation. The val nation covers the following asset class; Land, Huil d ing, l*1ant and machinery and L4otor vehicle. Funriture, fittings and equipment were not valued in the

Liind

I'‹ictop' site at In vi shi

P Icfs 5, 6 and 7 Int ustrial tray out ,I kot A bar i

3025 2024

1,000,000 1,000,000

261,300 261,300

1,261,300 t,261,300

9.5 Secu i-ity '"

'1 he ct›mpan; 14as pro'idcfl these assets as security to the tune of the overdrawn and loan facilities.

Inta n Bible assets

lntan g1b1e asset represents the amount paid to acquire SAP accounting software. The soRvare was put into use on I I uly 2015 and amortised over a period o1 three years. The software was fully amortized in the year and has been Hi r-valued within the year.

2025

N'000

2024

N'000

1,500

I ai r-›'al nan Len in the j'ear

1,500

A t 31 Decein ber

3.000

3,000

1,000	1,000
500	500
1,500	1,500
1,500	1,500

(":ir ry ing amon nt n t 31 D ecem ber

AL UlYIINIrM rxTl USION INDUSTRIES PLC

NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 31 MARCH 2025

			2024	2025
11.	In›'en to i'ies		N'000	N'000
	ka\' naateria]s, chem ica Js and po	'dei-s	191,574	185,422
	Spares		249,071	251,893
	Die		100,532	99,741
	I in ished yood s		254,646	373,192
	Fuel, Oil and In bricants		47,717	47,235
	Goods on Transit		15,446	-
			858,986	957,483

The total inventory charged to cost of sales is N1,866,216,000 (2023 - N1,317,l48,000) 1L2 '1 lie company adopts "weighted average cost" method in ›'aluing inventory

11.3 'I'herc is no in vento ry pledge d as security for 1iabiliiigs d uring the year. ' '

12. Trade and other receivables

Trade and other receivables are i ecognized initially at their transaction price and subsequently measured at amortized cost less loss allowances.

	2025	2024
	N'000	N'000
Ftade receivables	875	2,881
Ad mance to suppl ters	1,000	10,935
Due morn related companies (Note 34)	-	379
	1,875	14,195
13. Cash and cash eq ui›'alents
C ash in hand	770	770
Cash at banks	12,692	10,292
Cash and bun It bala nce	" 13,462	11,062
Shoi t term borrowing (note 21.1)	(221,869)	(204,689)
	(205,407)	(193,627)
	2025	2024
13.1 Shoi t tel m boi rowin•s	N'000	N'000
l3anl‹ overdraft (note 21.2)	221,814	204,634
Convertible debenture (note 2 i .3)	55	55
	221,869	204,689

ALUMINIUM EXTRUSION INDUSTRIES PLC

NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 31 MARCR 2025

Other current assets l•repaid expenses (note 22.1) Staff advance (Note 22.2) Amortized assets (note 22.3)
Tower Alloys stock (note 22.4) Val ue added tax assets (note 22,5) Other debit balances (note 22.6)
Less Provision for inventory loss (note 22.7)
1. This relates to guest house rent and insurance prepaid in the year
  Mar 2025 2024
  N'000 N'000
  8,292 4,577 17,829
  8,052 10,841
  53,907 53,907
  23,308 14,869
  - 22,112
  89,844 127,850
  (53,907) (53,907)
  35,937 75,943
2. This red ates to advance given to staff. The staff advance is stated at market value.
3. I his represents pistol rod an servo pump purchased for repair of compressor which is amortised for

tour years.

I 4.4

This represents the vaIue of Tower Alloys billet stock which was brought for processing. The stook i 'as carted away in a robbery incident and has been fully provided for in these financial statements.

This represents VAT receivable by the company arising for Input VAT in the year
This represents opening balance difference in Retained earnings
This relates to the provision make on the Inventory valued at N53.9 Million Naira and lost in a

robbery incident in the Victory in September 2023.

... :, i

15 Share Capita I

Mar 2025

2024

Issued and fully paid:

N'000

219,956,000 ordinary shares of 50k each

109,978

1:ach ordinary share holds one voting right.

16 Shure premium

124,956

fl his represents the share premium arising from the shares issued by the Company

17 Revaluation reserve

Mar2025

N'000

2024

N'000

At I January

2,218,725

1,280,693

Addition in the year

- ?.

954,950

Transfer of assets disused to Retained earnings At 31 December

- (16,918)

2,218,725 2,218,725

18 Retained earnings
As at I Janumy T'rior year's d ivi dend paid	626,592	808,423
l•rot4 t for the year after taxation	(245,747)	(200,249)
Ti anster ot Revaluation reseiw e on assets d isposed		16,918

€âthcr comprehensivc income

- 1,500

380,845 626,592

ALU MINItJM EXJ RUSION INDUSTRIES PI.C

NOTES T€1 THE FINANCIAL STATEMENTS (CONT'D) FOR THE f•ERIOD ENDED 31 MARCH 2025

Prior year's borrowing represents term loan or N25 million provided by Chikum Micro Finance Bank Limited for worming capital requirement of the Company to assist it in the purchase of raw materials. The tenor is for 24 months at an interest rate of 2% per month subject to review in line with changes in iiioney market cont itions. The loan n'as fully liquidated in the year

I rade a n d o tlie r paya bles

Trade and other payables are recognized initially at their transaction price and subsequently measured

at amortized cost.

	Mar 2025	2024
	N'000	N'000
Trade pay ables (note 29.1)	248,221	218,719
Customers' depos its (29.2)	214,289	218,170
Accrued ex penses (29.3)	201,703	8,020
l°rovisions (29.4)		139,906
Due to red ated companies (note 34) - 17,662
	664,213	602,477

Trade pa ya bles

4 his ré lates to the un paid balance to the suppliers at year end

C us torue i s' deposits
I la is relates to the amount flepos ited by the customers for the production and supply of Aluminium profi Yes.
Accrued ex penses
'these are expenses in 'hich the related services have been received by the Company but not yet paid for at year end.
Provisions

I hese are liabi Iities in v hich either the timing of occurrence or the amount was not know at year end.

		Mar 2025	2024
20.	Cu i i ent tax lia bil i ties	N'000	N'000
	Income ta x pay a ble
	At 1 January	13,907	10,439
	€"harge for the year (note 1 fi)	7,500	13,907
	UnJer-prov ision in prior year
Pa)'rnenl eluting the year (10,439)
at 3 i Dcceiiiber		21,407	13,507

ALUMINIUM EXTRUSION INDUSTRIES PLC

NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 31 MARCH 2025

Mar 2025			2024
2t.	Other current tux liabilities	N'000	N'000
	W itlal4oJ ding tax payable (note 31 .1)	16,652	16,652
	Value ar4cled ta.x
	Pa ' As You 1-arn tax		695
		16,652	17,347

With holding tax pays bIe

This relotes to withholding tax deducted from the suppliers but not yet remitted to the Revenue Authoriti

22 Di›'idends

2024

N'000 13,850

2023

N'000 13,850

13,850

23 Other current liabilities

Statt pension and trust funds

2,120

2, 120

Deposit for dies

900

2,094

, 14

0,114

Itellited pa rty relationship
1. Relationsli ip with the pa i cut, fellow subsidiaries and associates of the Group

'I ower Allo›'s 1ndustries Limited .

I ower Alloys Industries Limited Is the major shareholder of Aluminium Extrusion Industries Plc (ALEX PIC). ›'It14 67.80% shareholding. Tou'er Alloys Industries Limited supplies Chemicals and billets to the company an sometimes buys billets and profiles from the Company.

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