NIGERIAN ENAMELWARE : AUDITED FINANCIAL STATEMENT FOR 2022

NIGERIAN ENAMELWARE PLC

Financial Statements

For the year ended 30 April, 2022

Table of Contents
Result at a Glance ……………………………………………………………………..	1
Directors, Professional Advisers, etc …………………………………………………………	2
Report of the Directors ………………………………………………………………………	3-6
Statement of Director's 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 ………………………………………………………………	16-53
Statement of value added ……………………………………………………………………	54
Five years financial summary …………………………………………………………………	55

NIGERIAN ENAMELWARE PLC

Financial Statements

For the year ended 30 April, 2022

	RESULT AT A GLANCE
	30 April	30 April	Increase/
	2022	2021	( Decrease)
	N'000	N'000	%
Revenue	354,804	297,666	19
(Loss) before taxation	(443,850)	(289,397)	53
(Loss) after taxation	(431,224)	(275,533)	57
Issued share capital	38,016	38,016	-
Shareholders' funds	144,745	555,806	(74)
	Per Share Data
Based on 76,032,000 Ord. shares of 50k each
(2021 - 76,032,000 Ord. shares of 50k each)
Earnings per share (kobo)	(567)	(362)	57
Net assets per share (kobo)	190	731	(74)
Number of shareholders	3,268	3,268	-
Number of employees	138	267	(48)

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NIGERIAN ENAMELWARE PLC

Financial Statements

For the year ended 30 April, 2022

DIRECTORS, PROFESSIONAL ADVISERS, ETC.

DIRECTORS:

Alhaji (Chief) M.A. Ola Yusuf (Chairman) (Resigned 30th July, 2021)

Phillip Tung (Managing) (Australian)	(Resigned 30th July, 2021)
Hadji (Chief) Tokunbo Alli	(Deceased)
K.F. Tung (Chinese)	(Resigned 30th July, 2021)
Lewis Tung (Chinese)	(Resigned 30th July, 2021)
Paul Tung (Chinese)	(Resigned 30th July, 2021)
Bamofin Olatokunbo Sanni	Chairman -Appointed 31st July, 2021
Executive	Managing Director - Appointed 31st July, 2021
Mr. Taiwo Alli
Mr. Lawrence Iseh	Finance Director-Appointed 31st July, 2021
Yujun Tang	Technical Director - Appointed 31st July, 2021
Stanley Sham	Adm. Director- Appt 31st July, Rsgd. 31 Dec, 2021
Mr. Olaniyi Banjo	Adm. Director-Appointed 4th January, 2022
Non - Executive	Appointed 31st July, 2021
Robert Tung
Baale Sunday Ogunlowo	(Independent) Appointed 31st July 2021
SECRETARY AND
REGISTERED OFFICE:	Oyintola Oluwafemi
	18, Wempco Road,
	Ogba, Ikeja.
REGISTRARS	GTL Registrars Limited
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:	Access Bank Plc
	First Bank of Nigeria Limited.
	Stanbic IBTC Bank Plc
	United Bank for Africa Plc
	Zenith Bank Plc
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NIGERIAN ENAMELWARE PLC

Financial Statements

For the year ended 30 April, 2022

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, 2022.

RESULTS

The results of the company's operations for the year are as stated below:

		30 April	30 April
		2022	2021
		N'000	N'000
1	Revenue	354,804	297,666
	(Loss) before taxation	(443,850)	(289,397)
	Tax benefit/(expense)	12,626	13.864
	(Loss) for the year	(431,224)	(275,533

1. 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.
2. PRINCIPAL ACTIVITIES
   The principal activities of the company are the manufacture and marketing of enamelware products.
3. DIRECTORS
4. 1. The names of directors who served during the year are as listed on page 2.
   2. In accordance with the Company's articles of Association.

Messrs Robert Tung and Yujun Tang 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,
		2022	2021
Bamofin Olatokunbo Sanni	indirect	738,936	738,936

Baale Sunday Ogunnowo	-	-
Mr. Robert Tung	-	-
Mr. Taiwo Alli	-	-
Mr. Lawrence Iseh	-	-
Mr. Yujun Tang	-	-
Mr. Olaniyi Banjo	-	-
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