NIGERIAN ENAMELWARE PLC: BETTER YEAR AHEAD BUT...

Obviously, Nigerian Enamelware PLC should end the financial year to  April 2016 better than it did last financial year but the first quarter momentum has to be rekindled or even improved upon.
According to the figures released recently for the half year to September, more of the goodies actually happened in the first quarter to July 2015..
For example, Enamelware's gain on each N100 recorded was N6.03 by first quarter but the full half figure came to a much lower N5.19.
This was principally because the bulk of the turnover and cost saving recorded occurred then thus leading to 87.9% of gross profit and 59.2% of the profit before tax for the full half being earned in the first quarter.
The half year revenue came to N1347.8m with N51.7% or N686.7m being clocked in the golden egg quarter. Yet it accounted for 50.4% of both direct cost and administration costs and even 50.6% of financing cost.
However, by half year, the potential was there that Enamelware will surpass fortune reported in the year to April 2015. It closed 2015 year with N4.57 gain on each N100 income compared to the level achieved by current half year to October 2015.
The company's liquidity position was better even though it had to increase borrowing s by7.39% to N1251.9m. The half year working capital of N684.6m was an improvement on previous year's closing N601.5m.

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