NIGERIAN ENAMELWARE PLC
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL, 2024
NIGERIAN ENAMELWARE PLC
Financial Statements
For the year ended 30 April, 2024
Table of Contents | |
Result at a Glance …………………………………………………………………….. | 1 |
Directors, Professional Advisers, etc ……………………………………………………… | 2 |
Report of the Directors …………………………………………………………………… | 3-6 |
Statement of Directors' responsibilities…………………………………………………… | 7 |
Report of Audit Committee ……………………………………………………………. | 8 |
Report of the Independent Auditors ……………………………………………………… | 9-11 |
Statement of profit or loss and other comprehensive income ……………………………… | 12 |
Statement of financial position …………………………………………………………… | 13 |
Statement of changes in equity …………………………………………………………… | 14 |
Statement of cash flows…………………………………………………………………. | 15 |
Notes to the financial statements …………………………………………………………… | 16-52 |
Statement of value added ………………………………………………………………… | 53 |
Five years financial summary ……………………………………………………………… | 54 |
NIGERIAN ENAMELWARE PLC | |||
Financial Statements | |||
For the year ended 30 April, 2024 | |||
RESULT AT A GLANCE | |||
30 April | 30 April | Increase/ | |
2024 | 2023 | ( Decrease) | |
N'000 | N'000 | % | |
Revenue | 718,353 | 227,301 | 216 |
(Loss)/ Profit before taxation | (2,564,754) | 2,571,351 | (200) |
(Loss)/ Profit after taxation | (2,597,798) | 1,686,057 | (254) |
Issued share capital | 38,016 | 38,016 | - |
Shareholders' funds | (744,250) | 1,830,802 | (141) |
Per Share Data | |||
Based on 76,032,000 Ord. shares of 50k each | |||
Earnings per share (kobo) | (3,417) | 2,218 | (254) |
Net assets per share (kobo) | (979) | 2,408 | (141) |
Number of shareholders | 3,268 | 3,268 | - |
Number of employees | 90 | 91 | (1) |
1
NIGERIAN ENAMELWARE PLC
Financial Statements
For the year ended 30 April, 2024
DIRECTORS, PROFESSIONAL ADVISERS, ETC.
NON- EXECUTIVE DIRECTORS: | Chairman - Appointed 30th June, 2021 |
Bamofin Olatokunbo Sanni | |
Mr. Robert Tung | (Independent)- Appointed 30th June, 2021 |
Baale Sunday Ogunnowo | (Independent) - Appointed 30th June, 2021 |
EXECUTIVE DIRECTORS: | Managing Director - Appointed 30th June, 2021 |
Mr. Taiwo Alli | |
Mr. Lawrence Iseh | Finance Director- Appointed 30th June, 2021 |
Yujun Tang | Technical Director - Appointed 30th June, 2021 |
Mr. Olaniyi Banjo | Adm. Director - Appointed 4th January, 2022 |
SECRETARY AND | |
REGISTERED OFFICE: | Oyetola Oluwafemi |
18, Wempco Road, | |
Ogba, Ikeja. | |
REGISTRARS | Greenwich Registrars and Data Solutions |
AND TRANSFER | 274, Murtala Mohammed Way, |
OFFICE: | Alagomeji, Yaba. |
P.M.B. 12717 | |
Lagos. | |
AUDITORS: | OOP and Partners |
(Chartered Accountants) | |
58, Kudirat Abiola Way, | |
Oregun, Ikeja. | |
Lagos. | |
SOLICITORS: | Adedoyin Awosanya & Co. |
Elesho Chambers, | |
Plot 120 Oyadiran Estate | |
Sabo, Yaba, Lagos. | |
MAIN BANKERS: | Stanbic IBTC Bank Plc |
United Bank for Africa Plc | |
Globus Bank Limited | |
Fidelity Bank Plc |
2
NIGERIAN ENAMELWARE PLC
Financial Statements
For the year ended 30 April, 2024
REPORT OF THE DIRECTORS
The directors are pleased to submit to the members of the company their annual report together with the audited accounts for the year ended 30th April, 2024.
RESULTS
The results of the company's operations for the year are as stated below:
30 April | 30 April | ||
2024 | 2023 | ||
N'000 | N'000 | ||
1 | Revenue | 718,353 | 227,301 |
(Loss)/ Profit before taxation | (2,564,754) | 2,571,351 | |
Tax expense | (33,044) | (885,294) | |
(Loss)/ Profit for the year | (2,597,798) | 1,686,057 |
- LEGAL FORM
The Company was incorporated in Nigeria on 21 May, 1960 as a private limited liability company.
It went public on 28 December, 1979 in compliance with the Indigenization Decree of 1977 and was granted a listing on the Nigerian Stock Exchange. It adopted its present name of Nigerian Enamelware Plc on 6, June, 1991 in compliance with the provisions of the Companies and Allied Matters Act 2020. - PRINCIPAL ACTIVITIES
The principal activities of the company are the manufacture and marketing of enamelware products. - DIRECTORS
- The names of directors who served during the year are as listed on page 2.
- In accordance with the Company's articles of Association.
Messrs Robert Tung and Olaniyi Banjo retired by rotation, and being eligible, offer themselves for re-election.
3. Directors' Shareholdings | Number of shares of 50kobo | ||
each held as at | |||
30 April, | 30 April, | ||
2024 | 2023 | ||
Bamofin Olatokunbo Sanni | indirect | 738,936 | 738,936 |
Baale Sunday Ogunnowo | 1,584 | 1,584 | |
Mr. Robert Tung | - | - | |
Mr. Taiwo Alli | - | - | |
Mr. Lawrence Iseh | - | - | |
Mr. Yujun Tang | - | - | |
Mr. Olaniyi Banjo | - | - |
3
NIGERIAN ENAMELWARE PLC
Financial Statements
For the year ended 30 April, 2024
--
5. DIRECTORS' OTHER INTERESTS
No director has notified the company of any involvement or interest in any business contract with the company during the year.
As at 30th April, 2024, the unit price of the Company's share on the floor of the Nigerian Stock Exchange was N19.30
6.SHAREHOLDINGS
1. The shares of the company were beneficially held as follows:-
Number of 50 kobo shares | |||
30 April | 30 April | ||
2024 | 2023 | % | |
I-Feng Company Ltd | 45,619,200 | 45,619,200 | 60 |
Nigerian citizens and associations | 30,412,800 | 30,412,800 | 40 |
76,032,000 | 76,032,000 | 100 | |
2. The range of shareholders at 30 April, 2024 was as follows: | |||
Range | No.of shareholders | No. of units held | |
1-10,000 | 3101 | 14,091,975 | |
10,001 -50,000 | 133 | 7,061,978 | |
50,001-100,000 | 20 | 3,379,715 | |
100,001-500,000 | 13 | 5,879,132 | |
Over 1,000,000 | 1 | 45,619,200 |
No individual shareholders, except as noted above, held more than 5% of the issued share capital of the company at 30 April, 2024.
7 DIVIDEND
The Directors recommend no dividend for the year.
4
NIGERIAN ENAMELWARE PLC
Financial Statements
For the year ended 30 April, 2024
-
COMPANY'S SUPPLIERS
The company sources its raw materials from local suppliers only. - EMPLOYMENT AND EMPLOYEES Employment of disabled persons
- It is the policy of the company that there should be no discrimination in considering applications for employment including those from disabled persons. All employees, whether or not disabled, are given equal opportunities to widen their experience and knowledge and to qualify for promotion in furtherance of their careers. As at 30 April, 2024 there were two (2) disabled persons employed by the company.
-
Health, safety at work and welfare of employees.
Health and safety regulations are in force within the premises of the company. The company maintains a well-equipped clinic which is run by a qualified Nurse. In addition, the company has entered into agreement with private hospitals run by qualified Medical Doctors to whom serious cases of illness are referred for treatment. - Employees involvement and training
The Company is committed to keeping employees fully informed as much as possible regarding its performance and progress and seeking their views wherever practicable on matters which particularly affect them as employees.
Management, professional and technical expertise are the company's major assets and investment in developing such skills continues.
The company's expanding skill base has extended the range of training provided and has broadened opportunities for career development within the organization.
Incentive schemes designed to meet the circumstances of each individual are implemented wherever appropriate.
- CHARITABLE GIFTS AND DONATIONS
No donation was made by the Company during the year under review.
5
8
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |