Nigerian manufacturer and marketer of Enamelware products, Nigerian Enamelware Plc. has announced the release of its Audited Financial Statement for the year ended 30th April, 2017.
Although the release of the result is about 2 months late, the company in a notice filed with The Nigerian Stock Exchange and addressed to its esteemed shareholders, investing public and other stakeholders explained that the results were held up by the Financial Reporting council.
The notice stated, “The slight delay in filing these accounts was necessitated by the need for the company to obtain the waiver of the Financial Reporting Council of Nigeria (FRCN), for the Financial Controller to sign the Annual Report and Financial Statements without indicating any Financial Reporting Council (FRC) registration number with the certification in compliance with Section 7(2g) of the Financial Reporting Council of Nigeria April 2011.”
The company went further to assure its various shareholders of its commitment to timely filing of its financial statements and other disclosures.
Meanwhile, financial highlights of the results how that profit after tax (PAT) for the financial year ended 30th April, 2017 was down 66 per cent to N45.1m compared to N133.5m reported in the preceding year.
The company’s revenue of N2.5bn was also down by 9.6 per cent from N2.8b, while a profit before tax of N67.8mn was reported for the review period as against N177m declared as PBT in 2016, representing a 62 per cent decline.
Enamelware’s income tax expense for the period was 25 percent lower than previous year at N22.8m. The company, however, grew net assets marginally by 1.1 per cent to N1.4bn from N1.41b in 2016.