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 | |
2 |
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 |
- 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 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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Nigerian Enamelware plc published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 14:36:07 UTC.