Nigerian Enamelware Plc has sharply reduced its first-quarter loss, with loss before tax falling 53.4% to ₦37.51 million for the three months ended July 31, 2026, from ₦80.52 million in the corresponding period of 2025.
The improvement was driven by a dramatic increase in revenue, which jumped nearly 397% year-on-year to ₦231.72 million from ₦46.61 million. The stronger top line also moved the company from a gross loss of ₦51.26 million in Q1 2025 to a gross profit of ₦30.09 million in the latest quarter.
However, the turnaround has yet to translate into profitability. Distribution expenses more than doubled to ₦67.60 million from ₦29.26 million, while the company continued to carry negative shareholders’ equity of ₦846.39 million as of July 31. Loss per share nevertheless narrowed to 49 kobo from 106 kobo a year earlier.
The result indicates a significant improvement in operating activity, but the negative equity position and continued losses remain important risks for investors. The company’s total assets stood at ₦2.92 billion at the end of July, compared with ₦2.89 billion at its April 2026 year-end.
Investors will now watch whether Nigerian Enamelware can sustain the sharp revenue recovery, convert its improved gross margin into a net profit and strengthen its balance sheet in subsequent quarters.
