NIGERIAN ENAMELWARE : QUARTER 5 - FINANCIAL STATEMENT FOR 2023

NIGERIAN ENAMELWARE PLC

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL, 2023

NIGERIAN ENAMELWARE PLC

Financial Statements

For the year ended 30 April, 2023

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 ………………………………………………………………	16-52
Statement of value added ……………………………………………………………………	53
Five years financial summary …………………………………………………………………	54

	RESULT AT A GLANCE
	30 April	30 April	Increase/
	2023	2022	( Decrease)
	N'000	N'000	%
Revenue	227,301	354,804	(36)
Profit/(Loss) before taxation	2,571,351	(443,850)	679
Profit/(Loss) after taxation	1,686,057	(431,224)	491
Issued share capital	38,016	38,016	-
Shareholders' funds	1,830,802	144,745	1,165
	Per Share Data
Based on 76,032,000 Ord. shares of 50k each
(2022 - 76,032,000 Ord. shares of 50k each)
Earnings per share (kobo)	2,218	(567)	491
Net assets per share (kobo)	2,408	190	1,167
Number of shareholders	3,268	3,268	-
Number of employees	91	138	(34)

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NIGERIAN ENAMELWARE PLC Financial Statements For the year ended 30 April, 2023

	NIGERIAN ENAMELWARE PLC
			Financial Statements
	For the year ended 30 April,2023
DIRECTORS, PROFESSIONAL ADVISERS, ETC.
NON- EXECUTIVE DIRECTORS:		th
Bamofin Olatokunbo Sanni	Chairman - Appointed 30	June, 2021
Mr. Robert Tung	(Independent) - Appointed 30	th	June, 2021
th
Baale Sunday Ogunnowo	(Independent) - Appointed 30	June, 2021
EXECUTIVE DIRECTORS:									th
Mr. Taiwo Alli	Managing Director - Appointed 30	June, 2021
Mr. Lawrence Iseh	Finance Director- Appointed 30	th	June, 2021
Yujun Tang	Technical Director - Appointed 30	th	June, 2021
Mr. Olaniyi Banjo	Adm. Director - Appointed 4	th	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
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		NIGERIAN ENAMELWARE PLC
			Financial Statements
			For the year ended 30 April, 2023
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, 2023.
RESULTS
The results of the company's operations for the year are as stated below:
		30 April	30 April
		2023	2022
		N'000	N'000
1	Revenue	227,301	354,804
	Profit/(Loss) before taxation	2,571,351	(443,850)
	Tax benefit/(expense)	(885,294)	12,626
	Profit/(Loss) for the year	1,686,057	(431,224)

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 Bamofin Olatounbo Sanni and Lawrence Iseh 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,
		2023	2022
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		-	-
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