ALUMINIUM EXTRUSION INDUSTRIES PLC
FINANCIAL STATEMENTS
30 JUNE 2025
ALUMINIUM EXTRUSION INDUSTRIES PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2025
April-June | Jan-June | April-June | Jan-June | ||||
2025 | 2025 | 2024 | 2024 | ||||
Notes | N'000 | h'000 | N'000 | N'000 | |||
Revenue | 1.0 | 478,445 | 932,100 | 806,350 | 1,612,701 | ||
Cost of sales | 2.0 | (486,465) (1,084,029) | (734,325) (1,468,651) | ||||
Gross profit | (8,020) | (151,929) | 72,025 | 144,050 | |||
Other income | 2.1 | (59,000) | 60,979 | 1,705 | 3,411 | ||
Staff costs | (67,020) | (90,950) | 73,730 | 147,461 | |||
Depreciation and Amortization | |||||||
Depreciation and amortization | 5.0 | (8,610) | (17,220) | (8,610) | (17,220) | ||
Selling expenses | (2,855) | (6,544) | (6,596) | (13,193) | |||
Administrative expenses | (55,763) | (133,686) | (77,934) | (155,868) | |||
Finance cost | (5,522) | (11,617) | (14,997) | (29,995) | |||
Administrative and finance cost | (72,750) | (169,067) | (108,137) | (216,276) | |||
Result for the year | (21,775) | (260,017) | (34,407) | (68,815) | |||
4 axation write-back/(expense) | (9,781) | (19,562) | (7,500) (15,000) | ||||
Profit for the year | (31,556) | (279,579) | (41,907) | (83,815) | |||
Total Comprehensive income | (31,556) (279 579 (41,90j7 (83,81 | ||||||
Earnings per share (kobo) | (14) 21 (108) | ||||||
ALUMINIUM EXTRUSION INDUSTRIES PLC
STATEMENT OF FINANCIAL POSITION
FOR THE PERIOD ENDED 30 JUNE 2025
June 2025 | 2024 | ||||
ASSETS | Notes | N'000 | N'000 | ||
Non-current assets Property, plant and equipment | 3,006,969 | 7,024,189 | |||
Intangible assets | 6 | 1,500 | 1,500 | ||
3,008,469 | 7,025,689 | ||||
Current assets | |||||
Inventories | 7 | 648,515 | 957,483 | ||
Trade and other receivables | 8 | 7B,7I6 | I4,19J | ||
Cash and cash equivalents | 9 | 12,606 | 11,062 | ||
Other current assets | 10 | 22,133 | 73,943 | ||
TotA1Current.tsstts | 761,970 | 1,056,683 | |||
3,770,459 | 8.082,372 | ||||
EQUITY AND LIABILJTIES | |||||
Equity | |||||
Share capital | 14 | 109,978 | 109,978 | ||
Share premium | 15 | 124,956 | 124,956 | ||
Revaluation reserve | 16 | 2,21g,725 | 2,218,725 | ||
Retained earnings | 17 | 347,013 | 626,592 | ||
2,800,672 | 3,080.251 | ||||
Non-current liabilities | |||||
Deferred taxation | 15 | 144,737 | 144,737 | ||
Borrowings | 16 | ||||
Total Non-current liabilities | 144,737 | 144,737 | |||
Current liabilities | |||||
Short term borrowings | 17 | 255,172 | 204,689 | ||
Trade and other payables | 18 | 519,794 | 602,477 | ||
Current tax liabilities | l9 | 19562 | 13,907 | ||
Other current tax liabilities | 20 | l 6,652 | 17,347 | ||
Dividends | 21 | 13,850 | 13,850 | ||
Other current liabilities | 22 | 5,114 | |||
Total current liabilities | 825,030 | 8?7,384 | |||
Tota I liabilities | 969,767 | 1,002,121 | |||
Tota 1 equity and liabilities | 3,770.439 | 4,082,372 | |||
Mr. Levi E.'Amaihe Financial Controller FRC/2021/001/00000022804
Dr. Jdhn Nwaiwu Director
FRC/20l6fPCNNG/00000015220
ALUMINIUM EXTRUSION INDUTRIES PLC
STATEMENT OF CHANGES IN EQUITY
PERIOD ENDED 30 JUNE 2025 | |||||
Share | Share | Revaluation | Retained | ||
capital | premium | reserve | earnings | Total | |
N'000 | N'000 | N'000 | N'000 | N'000 | |
At 1 January | 109,978 | 124,956 | 2,218,725 | 626,592 | 3,080,251 |
Profit for the year | (279,579) | (279,579) | |||
Revaluation deficit on disposed generator | |||||
Other comprehensive income
At 30 June
PERIOD ENDED 30 JUNE 2024
At 1 January Profit for the year
109,978 124,956 2,218,725 347,013 2,800,672
Share Share Revaluation Retained
capital | Premium | reserve | earnings | Total |
N'000 | N'000 | N'000 | N'000 | N'000 |
109,978 | 124,956 | 1,280,693 | 808,423 | 2,324,050 |
(83,815) (83,815)
Other comprehensive incone
At 30 June 109,978 124,956 1.280,693 724,608 24 2 5
ALUMINIUM EXTRUSION INDUSTRIES PLC
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2025 | ||
June 2025 | June 2024 | |
Note | N'000 | N'000 |
Cash flows from operating activities | ||
Total comprehensive income | (279,579) | (83,815) |
Adjustments not involving movement of cash Depreciation of property, plant and equipment (note 17.2) | 17,220 | 17,220 |
Amortisation of intangible assets (note 18) Income tax expense | 13,907 | 15,000 |
(248,452) | (51,595) | |
Changes in assets and liabilities | ||
Increase in inventories | 308,969 | (171,977) |
(Increase)/decrease in trade and other receivables | (211,589) | 5,974 |
Increase in other current assets | 61,337 | 76,744 |
Increase(decrease) in trade and other payables | 48,250 | 33,372 |
Increase in other current tax liabilities | 5,657 | (19,237) |
Increase/(decrease) in Dividends Increase in other current liabilities | f699) | |
Decrease in deferred tax Net cash used in operating activities before tax paid | (36,527) | (126,719) |
Income tax paid | ||
Withholding tax credit notes utillzed | (10,439) | |
Net cash flow used in operating activities | (36,527) | (137,158) |
Cash flows from investing activities | ||
Payment for property, plant and equipment Proceed from sales of Property, plant and equipment | ||
Net cash flow used in investing actlvities | ||
Cash flows from financing activities | ||
Finance cost | ||
Borrowings - medium term Unclained Dividend adjustment | ||
Nct cash flow provided by/(used in) financing activities | ||
Net decrease in cash and cash equivalents | (36,527) | (137,158) |
Cash and cash equivalents at 1 January
Cash and ca3h equivalents at 31 December
4
(206,039) (73,881)
(242 566) (206,039)
ALUMINIUM EXTRUSION INDUSTRIES PLC
NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 30 JUNE 2025
REPORT ON FREE FLOAT
Shareholding Structure/Free Float Status
Description
30-Jun-25
30-Jun-24
Unit
Percentage
Unit |Percentage
Issued Share Capital
219,956,000)
100%
219,956,000 |
100%
Substantial Shareholdings (5% and ab
ove)
Tower Alloys Industries Limited
149,130,168
67.80%
149,130,168
67.80%
lmo State Government
18,190,361
8.2Z%
18,190,361 (
8.2Z%
Abia State Government
13,505,290 |
6.14%
13,505,298
6.14%
Tolal Substantial Shareholdings
180,82S,827t
68.21%
180,825.827|
62.21%
Directors' Shareholdings (direct and in
direct), excluding directors with
substantial interests
Top Djrectors' Shareholdings
0
0.00%
0t
LQ0%
Other Influential Shareholdings
Ebony State Government
3,299,340 |
1.50%
3,299,340
1.50%
Tota1 Other Influential Shareholdings
3,299,340|
1.50%
s,2e ,s4o|
1.50%
Free Float in Units and Percentage
Declaration:
The free float is at 16.29% as at now. We have not gotten investors to take up the balance of 3.71% to make up 20% free float requirement
Revenue
Revenue represents the total amount invoiced to customers for goods supplied and services rendered after deducting trade discounts and commissions, and comprises the sale of aluminium profiles, Aluminium roofing sheets and billets.
Sales were made to third parties and to Tower Extrusions, a division of Tower Aluminium (Nigeria)
Limited.
'June 2025 | 'June 2024 | |
2 Cost of sales | N'000 | N'000 |
Cost of raw materials consumed | 805,644 | 1,063,341 |
Chemicals consumed | 27,065 | 9,562 |
Electricity, diesel and lubricants | 109,672 | 189,229 |
Salaries and wages | 54,377 | 73,671 |
Factory repairs and maintenance | 41,917 | 56,790 |
Engineering spares | 24,634 | 33,375 |
Depreciation
2.1 Olher Income
20722
1,084.031
60,012
1,485,980
Sale of metal scraps | 60,979 | 3,411 |
Profit on disposal of Property, plant and equipment | 60,979 | 3,411 |
5
ALUMINIUM EXTRUSION INDUSTRIES PLCNOTES TO THE FINANCIAL STATEMENTS (CONT'D) YEAR ENDED 30 JUNE 2025
Fair valuation of intangibles
The intangible assets (software) was not fair-valued in the year.
Revaluation gain
There is no revaluation of assets in the year
2025 2024
N'000 N'000
I,s00
5 Property, Plant rind Equipment
The carrying amount of property, plant and equipment is stated as foIIows;
2025
N'000
202d
N'000
Land | 1,261,300 | 1,261,300 |
Leasehold building | 652,200 | 652,200 |
Extrusion plant and machinery | 1,021,500 | 1,021,500 |
Roofing plant amd machines' | 19,200 | 19,200 |
Fuminture and equipment | 12,640 | 12,640 |
Motor vehicles
58,600 58.600
3.025,440 3,025,440
5.2 .Analysis of Property, plant and equipment
Land | Leasehold building | Extrusion Plant and machinery | Roofing Plant and machinery | Furniture and equipment | Motor vehicles | Total | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Deemed Cost | |||||||
At 1 January 2023 | 1,261,300 | 652,200 | 1,021,500 | I 9,200 | 12,640 | 58,600 | 3,025,440 |
Additions | |||||||
.'t 3 l Dec. 2024 | 1,261,300 | 652,200 | 1,02 I ,500 | 19,200 | 12,640 | 58,600 | 3 025,440 |
Depreciation | |||||||
At I January 2024 | 1,251 | 1.251 | |||||
Charge for the year | |||||||
Disposal | |||||||
At 31 Jan 2025 | 1,251 | 1,251 | |||||
Charge for the period | 4,372 | 12,506 | 162 | 132 | 48 | 17,220 | |
Disposal | |||||||
At 31 March 2025 | - | 4,372 12,506 162 1,383 48 | 18,471 | ||||
Carrying Amount At 31 June 2025
1,261,300 647,828 1,008,994 19.038 11,257 58,552 5,006,969
1,261.300 652,200 1,021,500 19,200 11,389 58,600 3,037,471
ALUMINIUM EXTRUSION INDUSTRIES PLC
NOTES TO THE FINANCIAL STATEMENTS (CONT'D) PERIOD ENDED 30 JUNE 2025
12.3 Deemed Cost
The Company's property, plant and equipment were revalued on 23 December 2021 by Jide Taiwo & Co (Estate Surveyors and Valuers - FRC/2012/00000000254) on the basis of market value at the sum of N 2,095,000.000. The revaluation gain of N3l7,861,000 arising therefrom was accounted for as part of other comprehensive income in the year of revaluation.
Sept 2025 | June 2024 | |
12.4 Laud | N'000 | N'000 |
This comprises of: Factory site at Inyishi | 1,000,000 | 1,000,000 |
Plots 5, 6 and 7 Industrial Layout .Ikot Abasi | 261,300 | 261,300 |
1,261N00 | 1.261,300 |
12.5 Security
The company has provided these assets as security to the tune of the overdrawn and loan facilities.
13 Intangible assets
Intangible asset represents the amount paid to acquire SAP accounting software. The software was put into use
on 1 July 2015 and amortised over a period of three years. The software was was fair-valued iand incorporated in the financial statements. | fully amortized | in the year and |
June 2025 | 2024 | |
C0St | N'000 | N'000 |
At 1 January | 3,000 | 1,500 |
Fair-valuation in the year | 1,500 | 1,500 |
At 31 December | 4,500 | 3,000 |
Amortization | ||
At I January | 1,000 | 100- |
Amortization in the year | 500 | 500 |
At 31 December | 1,500 | 500 |
Carrying amount at 31 December | 3,000 | 1,000 |
ALUMINIUM EXTRUSION INDUSTRIES PLC
NOTES TO THE FINANCIAL STATEMENTS | (CONT'D) | |
PERIOD ENDED 30 JUNE 2025 | ||
June 2025 | Dec 2024 | |
14 Inventories | N'000 | N'000 |
Raw materials, chemicals and powders | 172,773 | 362,340 |
Spares | 214,824 | 180,370 |
Die | 44,390 | 47,504 |
Finished goods | 237,555 | 324,098 |
Fuel, Oil and lubricants | 56,616 | 43,171 |
Goods-in Transit 20,796 | ||
746,954 | 957,483 | |
The total inventory charged to cost of sales is N2,l09,368 (2021 - N2,097,388.000 )
The company adopts "weighted averase cost" method in valuing inventory
14.5 There is no inventory pledged as security for liabilities during the year.
15 Trade and other receivables
Trade and other receivables are recognized initially at their transaction price and subsequently measured at amortized cost less loss allowances.
Trade receivables | 2025 N'000 24,644 | 2024 N'000 2,881 | |
Advance to suppliers | 10,935 | ||
Tax | 23,787 | 379 | |
Staff debtors | 27,291 | ||
Prepared Expenses | 2,994 | - | |
78,716 | 14,195 | ||
16 | Cash and cash equivalents Cash in hand | 770 | 770 |
Cash at banks | 11,836 | 10,292 | |
Cash and bank balance | 12,606 | 11,062 | |
Short term borrowing (note 21 .2) | (255,172) | (204,689) | |
(255,172) | (193,627) |
t6. I
Short term borrowings Bank overdraft Convertible debenture
2025 Dec 2022
N'000 2024
255,117 204,634
55 55
255,172 204.689
15
ALUMINIUM EXTRUSION INDUSTRIES PLC
NOTES TO TTTE FINANCIAL STATEMENTS (CONT'D)
PERIOD ENDED 30 JUNE 202516.2 This represents overdraft facility obtained from Access bank for a period of 12 months at 20% interest rate per annum. The facility is to provide the working capital need to procure in bulk raw materials for the company (Aluminium coil. Diesel, Comigated sheets, other admin expenses etc)
16.3 This represents 20% convertible debenture issues by the Company which has not yet been converted to ordinary shares.
Other current assets Prepaid expenses (note 22.1) Staff advance (Note 22.2)
June 2025 2024
N'000 N'000
863 6,512
21,270 73,226
22,133 79,738
This relates to advance given to staff. The staff advance is stated at market value.
Authorised:
300,000,000 ordinary shares of 50k each
Issued, called up and fully paid:
219,956,000 ordinary shares of 50k each Each oriiinary share holds one voting right.
June 2025 Dee 2024
150,000 150,000
109.978 109,978
Share premium 124,956 124.956
This represents the share premium arising from the shares issued by the Company
Revaluation reserve
At 1 January Revaluation gain
Revaluation deficit on disposed generator At 3 ] December
June 2025 Dec 2024
N'000 N'000 1,292,643 1,291,116
1,527
1.292.643 1,292.643
June 2025 | Dec 2024 | |
Reta ined earnings | N'000 | N'000 |
As at I January Prior year's dividend paid | 626,592 | 808,423 |
Profit for the year after taxation | (279,579) | (200,249) |
Revaluation deficit on disposed generator | 16,918 |
Other comprehensive income
- 1,500
347.013 626,592
16
ALUMINIUM EXTRUSION INDUSTRIES PLC
NOTES TO THE FINANCIAL STATEMENTS (CONT'D) PERIOD ENDED 30 JUNE 2025Prior year's borrowing represents term loan or N25 million provided by Chikum Micro Finance Bank Limited for working 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 money market conditions. The loan was fully liquidated in the year.
22 Trade and other payables
Trade and other payables are recognized initially at their transaction price and subsequently measured at amortized cost.
June 2025 | Dec 2024 | |
Trade payables | N'000 163,607 | N'000 218,719 |
Customers' deposits | 151,065 | 218,170 |
Accrued expenses | 245,125 | 8,020 |
Provisions | 139,906 | |
Due to related companies (note 34) | - | 17,662 |
559,797 | 602,477 |
2S Trade payables
This relates to the onpaid balance to the suppliers at year end
Customers' deposits
This relates to the amount deposited by the customers for the production and supply of Aluminium profiles.
Accrued expenses
These are expenses in which the related services have been rcceived by the Company but not yet paid tor at year end.
Provisions
These are liabilities in which either the timing of occurrence or the amount was not know at year end.
June 2025 | 2024 | |
25 Current tax liabilities | N'0fi0 | N'000 |
Income tax payable | ||
At 1 January | 13,907 | 10,439 |
Charge for the year (note 15) Under-provision in prior year | 19,562 | I 3,907 |
Payment during the year | (13,907) | (10,439) |
At 31 December | 19.562 | 13,907 |
ALUMINIUM EXTRUSION INDUSTRIES PLC | |
NOTES TO TffE FINANCIAL STATEMENTS (CONT'D) | |
PERIOD ENDED 30 JUNE 2025 | |
June 2025 | 2024 |
26 Other current tax liabilities N'000 | N'000 |
Withholding tax payable (note 31.1) 16,652 | 16,652 |
Value added tax Pay As You Earn tax | 695 |
16,652 | 17,347 |
261 Withholding tax payable
This relates to withholding tax deducted from the suppliers but not yet remitted to the Revenue Authorities.
27 Dividends | June 2025 N'000 | 2024 N'000 |
Unclaimed dividend | 13,850 | 13,850 |
Interest on fixed deposit | ||
13,850 | 3 85 | |
28 Other cu rrent ma bilities Staff pension and trust funds | 2,120 | |
Deposit for dies | 900 | |
Insurance claim | 2,094 | |
Others | ||
- | 5,114 | |
29 Related p relationship |
Relationship with the parent, fellow subsidiaries association
To*ver Alloys Industries Limited
Tower Alloys Industries Limited is the major shareholdcr of Aluminium Extrusion Industries Plc (ALEX Plc). with 67.80% shareholding. Tower Alloys Industries Limited supplies Chemicals and billtets to the company an sometimes buys billets and profiles from the Company.
18