Nigerian Enamelware Reduces Q1 Loss to N37.5m

Nigerian Enamelware Plc has announced a loss before tax of N37.51 million for the first quarter ended 31 July 2026, representing a 53.4% reduction from the N80.52 million loss recorded in the same period in 2025. This improvement was primarily attributed to a significant growth in revenue, which surged by nearly 397% to N231.72 million from N46.61 million in the prior year’s quarter.

The company’s unaudited interim financial statements, filed with the Nigerian Exchange Limited, indicated that the cost of sales rose to N201.63 million from N97.87 million, resulting in a gross profit of N30.09 million, compared to a gross loss of N51.26 million in Q1 2025. Despite this operational recovery, increased distribution and administrative costs impacted profitability, with distribution expenses rising to N67.60 million from N29.26 million.

The loss per share decreased to 49 kobo from 106 kobo in the previous year. Total assets slightly increased to N2.92 billion, while negative net equity widened to N846.39 million.

The share price closed at N40.70 per share.