FULL YEAR RESULTS: NIGERIAN ENAMELWARE PLC.

In spite of the tough times in Nigeria, Nigerian Enamelware PLC rode the crest rather well within the financial year to April 2016.

According to audited figures released recently, there was a minor scare when core revenue grew by only 7.17% to N2795.2m accompanied by a slightly higher rise in cost of sale by 7.9% to N2375m.

However this was easily countered by good overhead control that decreased administration expenses by 16.7% to N172.3m thus leading to 23.6% rise in operating profit to N247.9m.

Then combined push by interest income 86.1% growth to N115.4m and leap by gains from other sources to N11.8m, guaranteed 45% increase in profit before tax to N177m despite 39.7% increase in finance costs to N198.2m.

This was of course, a long way ahead of the scary 3.17% increase in gross profit engendered by cost of sale that opted to outrun core income growth.

Good for Nigerian Enamelware because it not only ended the year with higher 6.06% margin compared to 2015's 4.57% but it also had more liquidity space as working capital improved to N696.8m from N560.6m previously.

NIGERIAN ENAMELWARE PLC: Nm. Full year.
                     2016.      2015
Total inc.    2922.4.  2671.8
Core inc.    2795.2.  2608.3
C of sale.   2375.0.  2201.0
Gross profit 420.2.    407.3
Admin.          172.3.   206.8
Op. Profit      247.9.   200.5
Other gains    11.8.       1.49
Interest inc.  115.4.     62.0
Finance cost 198.2.   141.9
Profit b4 tax  177.0.    122.1
Margin %         6.06.     4.57
Working cap.  696.8.  560.6

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