ALUMINIUM EXTRUSION INDUSTRIES PLC
FINANCIAL STATEMENTS 30 SEPTEMBER 2025
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2025
July - Sept | Jan-Sept | July-Sept | .Ian-Sept | ||
2025 | 2025 | 2024 | 2024 | ||
Notes | N'000 | N'000 | N'000 | N'000 | |
Revenue | 1.0 | 378,280 | 1,134,840 | 73 8,925 | 2,214,3 75 |
Cost of sales | 2.0 | (451,013) (1,353,039) (681,929) (2,045,788) | |||
Gross profit | (72,733) | (218,199) | 56,996 | 168,587 | |
Other income | 2.1 | (20,326) | 60,979 | 1,181 | 3,542 |
Staff costs | (93,059) | (157,220) | 54,377 | 172,129 | |
Depreciation and Amortization Depreciation and amortization | 5.0 | (8,610) | (25,830) | (8,610) | (25,850) |
Selling expenses | (3,155) | (9,464) | (5,973) | (17,918) | |
Administrative expenses | (50,346) | (151,039) | (7,944) | (238,350) | |
Finance cost | (9,064) | (27,193) | (14,341) | (43,062) | |
Total Expenses | (71,175) | (213,526) | (36,868) | (325,180) | |
Result for the year | (17,509) | (153,051) | |||
Taxation write-back/(expense) | (9,021) | (27,062) | (7,500) | (22,500) | |
Profit for the year | (9,021) | (240,588) | (25,009) | (175,551) | |
2. 1...
-
(94)
Total Comprehensive income Earnings per share (kobo)
(9,021) (240,588) (25,009) (175,551)
STATEMENT OF FINANCIAL POSITION | |||||
FOR THE PERIOD ENDED 30 SEPTEMBER 2025 | |||||
Sept 2025 | Dec 2024 | ||||
ASSETS Notes | N'000 | N'000 | |||
Non-current assets Property, plant and equipment 5 | 2,998,319 | 7,024,189 | |||
Intangible assets 6 | 1,500 | 1,500 | |||
2,999,819 | 7,025,689 | ||||
Current assets Inventories | 636,000 | 957,483 | |||
Trade and other receivables 8 | 2,993 | 14,195 | |||
Cash and eash equivalents 9 | 12,416 | 11,062 | |||
Other current assets 10 | 2,949 | 73,943 | |||
Total Current Assets | 654,358 | 1,056,683 | |||
5,654,177 | 8,082,372 | ||||
EQUITY AND LIABILITIES | |||||
Equity Share capital 11 | 109,978 | 109,978 | |||
Share premium 12 | l24;956 | 124,956 | |||
Revaluation reserve 13 | 2,218,725 | 2,218,725 | |||
Retained earnings 14 | 228,787 | 626,592 | |||
2,682,446 | 3,080,251 | ||||
Non-current liabilities Deferred taxation 15 | 144,737 | 144,73 7 | |||
Borrowings 16 | |||||
Total lion-current liabilities | 144,737 | 144,737 | |||
Current liabilities Short term borrowings 17 | 345,094 | 204,689 | |||
Trade and other payables 18 | 420,776 | 602,477 | |||
Current tax liabilities 19 | 26,022 | t3,907 | |||
Other current tax liabilities 20 | 16,652 | 17,347 | |||
Dividends 21 | 13,850 | 13,850 | |||
Other current liabilities 22 | 4,600 | 5,114 | |||
Total current liabilities | 826,994 | 857,384 | |||
Total liabilities | 971,731 | 1,002.121 | |||
Total equity and liabilities | 3,654,177 | 4,082,372 | |||
Mr. Levi E. Amaihe Financial Controller FRC/202l/00l/00000022804
- ' +'"- *
Dr. John Nwaiwu
Director
FCC/20l6fP 'G/00000015220
ALUMINIUM EXTRUSION INDUTRIES PLC
Share capital | Share premium | Revaluation reserve | Retained earnings | Total | |
N'000 | N'000 | N'00fi | N'000 | N'000 | |
At 1 January | 109,978 | 124,956 | 2,218,725 | 626,592 | 3,080,251 |
Profit for the year | (397,805) | (397,805) | |||
Revaluation deficit on disposed generator |
STATEMENT OF CHANGES IN EQUITY PERIOD ENDED 30 SEPTEMBER 2025
Other comprehensive income At 30 Sept
109,978 124,956 2,218,725 228,787 2,682,446
PERIOD ENDED 30 SEPT. 2024 | |||||
Share | Share | Revaluation | Retained | ||
capital N'000 | Premium N'000 | reserve N'000 | earnings N'000 | Total N'000 | |
At 1 January | 109,978 | 124,956 | 1,280,693 | 808,423 | 2,324,050 |
Profit for the year | (175,471) | (175,471) | |||
Other comprehensive incone
At 30 Sept 109,978 124,956 1,280,693 632,952 2,J48,579
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025 Sept 2025 Dec 2024Note N'000 N'000
Cash flows from operating activitiesTotal comprehensive income
Adjustments not involving movement of cashDepreciation of property, plant and equipment (note 17.2)
Amortisation of intangible assets (note 18) hicome tax expense
(397,805) (206,605)
25,830 25,830
- (12,715)
(371,975) | (193,490) | |
Changes in assets and liabilities | ||
Increase in inventories | 321,483 | |
(Increase)/decrease in trade and other receivables | 11,202 | 78,549 |
Increase in other current assets | 1,150 | 3,993 |
Increase(decrease) in trade and other payables | (181,101) | 93,757 |
Increase in other current tax liabilities | (2,115) | 3,411 |
Increase/(decrease) in Dividends | (195) | |
Increase in other current liabilities | ||
Decrease in deferred tax | ||
Net cash used in operating activities before tax paid | 312,205 | (221,097) |
Income tax paid | {22,500) | (22,500) |
Withholding tax credit notes utilized
NOTES TO T IE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Shareholding Structure/Free Float Status
Description | 30-Sep-25 | 30-Sep-24 | ||||
Unit | |Percentage | Unit |Percentage | ||||
Issued Share Capital | 219,956,000| | 100% | 219,956,000| | 100% | ||
Substantial Shareholdings (5@« and abo | ve) | |||||
Tower Alloys Industries Limited | 149,130,168 ) | 67.80% | 149,130,168 | 67.80% | ||
|mo State Government | 18,190,361 | 8.27% | 18,190,361 | | 8.27% | ||
Abia State Government | 13,505,298 6.14% | 13,505,298 | | 6.14% | |||
Total Substantial Shareholdings | 180,825,827a | 62.21°A | 180,825,827) | 82.2% | ||
Directors' Shareholdings (direct and in | direct), excluding directors with | substantial interests | ||||
Dr. Pascal G. Dozie, CON | 46,666 | | 0.02% | 46,666) | 0.02% | ||
Total Oirectors* Shareholdings | 46.6b6 | 0.02% | 46,666) | 0.02% | |||
Other influential Shareholdings | ||||||
Ebony State Government | 3,299,340 ) 1.50% | 3,299,340 | 1.50% | |||
Total Other Influential Shareholdings | s,2 9,340| | 1.50% | 3,299 0( | 1.50% | ||
Free Float in Units and Percentage | ||||||
declaration:
(A) 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 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.
2 Cost of sales | 'Sept 2025 N'000 | 'Sept 2024 N'000 |
Cost ofraw materials consumed | 781,476 | 1,539,029 |
Chemicals consumed | 48,521 | 73,240 |
Electricity, diesel and lubricants | 199,760 | 317,125 |
Salaries and wages | 313,302 | 47,371 |
Factory repairs and maintenance | 9,980 | 169,023 |
1,353,039 | 2,145,788 |
2.1 Other Income
Sale ofmetal scraps
60,977 3,542
Profit on disposal ofProperty, plant and Equipment
60,977
3,542
| Sep-25 | Dec 2024 |
The carrying amount of propeny, plant and equipment is stated as follows; | N'000 | 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 aind machinery | 19,200 | 19,200 |
Fuminture and equipment | 12,640 | 12,640 |
Motor vehicles
5.2 Analysis of Property, plent and equipment
Extrusion Roofing Furniture
58,600 58.600
3,025,440 3,025,440
Deemed Cost
Land
N'000
Leasehold Plant and Plant and and Motor
building machinery machinery equipment vehicles Total N'000 N'000 N'000 N'000 N'000 N'000
At 1 Janu 2023 1,261,300 652,200 1.021,500 19,200 12,640 58,600 3.025,440
Addition
At 30 Sept | 1,26 1,300 | 652.200 | 1,021,500 | 19,200 | 12,640 | 58,600 | 3,025,440 | ||
Depreciation At 1 January 2024 | 1,251 | ||||||||
Charge for the period | - | 6.558 | 18,759 | 243 | 198 | 92 | 25,850 | ||
At 30 Sept | - | 6,558 | 18,759 | 243 | 1,449 | 92 | 27,101 | ||
Carrying Amount At 30 Sept 2024 | 1,26t,300 | 645,642 | 1,002,741 | 18,957 | I 1,t9t | 58,508 | 2,998,339 |
5.2 Deemed Cost
The Company's property, plant and equipment were revalued on 23 December 2021 by Jide Taiwo & Co (Estate Surveyors and Valuers - FRC/20l2/00000000254) 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 pan of other comprehensive income in the year of revaluation.
g.3 Land
This comprises of:
Factory site at Inyishi
Plots 5, 6 and 7 Industrial Layout ,Ikot Abasi
Sept 2025 Dec 2024
N'000 N'000
1,000,000 1,000,000
261,300 261,300
1,261,300 1,261,300
8.4 Security
The company has provided these assets as security to the tune of the overdrawn and loan facilities.
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 fully amortized in the year and was fair-valued hand incorporated in the financial statements.
Cost | Sept 2025 N'000 | Dec 2fi23 N'000 |
At 1 January | 1,500 | 1,500 |
Fair-valuation in the year | 1,500 | 1,500 |
At 31 December | 3,000 | 3.000 |
Amortization | ||
At 1 January | ||
Amortization in the year | 500 | 500 |
Al 31 December | 500 | 500 |
Carrying amount at 30 September | 1,000 | 1,000 |
Sept 2025 | 2024 | |||
7 | Inventories | N'000 | N'000 | |
Raw materials, chemicals and powders | 344,090 | 362,340 | ||
Spares | 116,326 | 180,370 | ||
Die | 98,138 | 47,504 | ||
Finished goods | 43,989 | 324,098 | ||
Fuel, Oil and lubricants | 34,097 | 43,171 | ||
Goods-in Transit | ||||
636,640 | 957,483 | |||
The total inventory charged to cost of sales is N2,109,368 (2021 - N2,097,388.000 )
The company adopts "weighted average cost" method in valuing inventory
There is no inventory pledged as security for liabilities during the year.
8 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 | Sept 2025 N'000 2,993 | Dec 2023 N'000 2,881 | |
Advance to suppliers | 10,935 | ||
Staff Advances Pepaid expenses | - | 379 | |
2,993 | 14,195 | ||
9 Cash and cash equivalents Cash in hand | 770 | 770 | |
Cash at banks | 11,646 | 10,292 | |
Cash and bank balance | 12,416 | 11,062 | |
Short term borrowing (note 21.2) | (345,091) | (204,689) | |
(332,675) | (193,627) | ||
9.1 Short term borrowings | Sept 2025 N'000 | Dec 2024 N'000 | |
Bank overdraft | 345,091 | 204,634 | |
Convertible debenture | 55 | 55 | |
345,146 | 204,689 |
NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 30 SEPTEMBER 2024
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)
This represents 20% convertible debenture issues by the Company which has not yet been converted to ordinary shares.
10 Other current assets Prepaid expenses
Sept 2fi25 Dec 2024
N'000 N'000
2,994 6,512
Staff advance and others | 73,226 | |
2,994 | 79,738 | |
11 This relates to guest house rent and insurance prepaid in the year | ||
12 This relates to advance given to staff. The staff advance is stated at market value. | ||
13 Share Capital 'Sept 2025 | Dec 2024 | |
Authorised: 300,000,000 ordinary shares of 50k each 150,000 | 150,000 | |
Issued, called up andfully paid: 219,956,000 ordinary shares of 50k each 109,978 | 109,978 | |
Each ordinary share holds one voting right. | ||
14 Share premium 124,956 | 124,956 | |
This represents the share premium arising from the shares issued by the Company | ||
15 Revaluation reserve | Sept 2025 N'000 | Dec 2023 N'000 |
At 1 January Revaluation gain | 1,292,643 | 1,291,116 |
Revaluation deficit on disposed generator At 31 December
- 1.527
1,292,643 1,292,643
17 Retained earnings | Sept 2fi25 N'000 | Dec 2024 N'000 |
As at 1 January Prior year's dividend paid | 626,592 | 808,423 |
Profit for the year after taxation | (397,805) | (200,249) |
Revaluation deficit on disposed generator | 16,918 |
Other comprehensive income
- 1.500
228,787 626,592
NOTES TO THE FINANCIAL STATEMENTS (CONT'D) FOR THE PERIOD ENDED 30 SEPTEMBER 2025Borrowing - medium term Term loan
Sept 2025 Dec 2024 N'000 N'fi00
This 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.
- Trade and other payables
Sept 2025 | Dec 2024 | |
N'000 | N'000 | |
Trade payables | 164,419 | 218,719 |
Customers' deposits | 253,445 | 218,170 |
Accrued expenses | 53,910 | 8,020 |
Provisions | 77,103 | 139,906 |
Trade and other payables are recognized initially at their transaction price and subsequently measured at amortized cost.
Due to related companies (note 34)
19 Trade payablesThis relates to the unpaid balance to the suppliers at year end
Customers' deposits
17,662
548,877 602,477
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 received by the Company but not yet paid for at year end.
Provisions
These are liabilities in which either the timing of occurrence or the amount was not know at year end.
Sept 2025 | Dec 2024 | |
20 Current tax liabilities | N'000 | N'000 |
Income tax payable At 1 January | 13,907 | 10,439 |
Charge for the year (note 15) | 27,062 | 13,907 |
Under-provision in prior year Payment during the year | (13,907) | (10,439) |
At 31 December | 27,062 | 13,907 |
NOTES TO THE FINANCIAL STATEMENTS (CONT'D) PERIOD ENDED 30 SEPTEMBER 2025
26 Other current tax liabilities | Sept 2025 N'000 | Dec 2024 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 |
26.1 Withholding tax payable
This relates to withholding tax deducted from the suppliers but not yet remitted to the Revenue Authorities.
27 Dividends | Sept 2025 N'000 | 2024 N'000 | |
Unclaimed dividend | 13,850 | I 3,850 | |
Interest on fiied deposit | |||
13,850 | 13,850 | ||
28 Other current liabilities Staff pension and trust funds | 2,120 | 2,120 | |
Deposit for dies | 900 | ||
Insurance claim Others | 2.500 | 2,094 | |
4,620 | 5,114 | ||
29 Related party relationship | |||
Relationship with the parent, fellow subsidiaries association |