Nigerian Enamelware cuts Q1 loss to N37.5m

Nigerian Enamelware Plc has significantly narrowed its pre-tax loss to N37.51 million in the first quarter of 2026, a substantial 53.4% improvement from the N80.52 million loss recorded in the same period of 2025. This turnaround is primarily attributed to a near 397% surge in top-line revenue, which jumped from N46.61 million to N231.72 million.

The company's unaudited financial statements reveal a shift from a gross loss of N51.26 million in Q1 2025 to a gross profit of N30.09 million in the recent quarter. This operational recovery, however, was partially offset by rising distribution and administrative expenses, which climbed from N29.26 million to N67.60 million. Consequently, the loss per share decreased to 49 kobo from 106 kobo in the prior year.

Despite the improved operational performance, the company's overall financial health shows continued challenges. Total assets saw a slight increase to N2.92 billion, but negative net equity widened to N846.39 million, indicating persistent accumulated losses. The company's share price closed at N40.70, and it maintained compliance with the Nigerian Exchange Main Board free float requirements at 39.80%.

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Based on our knowledge, the financial statements and other financial information included in the report are fairly present in all material respects the financial condition and results of operations of the company.