Nigerian Enamelware Plc, a Nigerian based manufacturing company, posted N56.6million profit in Q2 2020, up by +26.8% Y-o-Y.
This is according to its recent financials sent to the Nigerian Stock Exchange, and seen by Nairametrics.
Key highlights of its 2020 Q2 financials
- Revenue decreased to N93.3 million, -34.4% Y-o-Y.
- Pre-tax profit increased to N56.6 million, +26.8% Y-o-Y.
- Operating profit increased to N46.1 million, +20.2% Y-o-Y.
- Cost of sales declined to N129.8 million, -21.7% Y-o-Y.
- Administration expenses declined to N9.6 million, -35.2% Y-o-Y.
- Finance costs increased to N10.45 million, +67.03% Y-o-Y.
- Basic earnings per share increased to 74kobo.
- Property, plant and equipment marginally increased within the period under view to N892.9 million, +1.8% Y-o-Y.
- Total assets fell to N3.65 billion, -27.3% Y-o-Y. This is due to a massive decline in current assets within the period under view.
Despite recording lower revenue this year, when relatively compared with last year’s figures, the firm posted an increased profit before and after tax, due to its ability to efficiently manage costs.
This is reflected in the drastic reduction of cost items like cost of sales and administrative expenses, amongst others. All of these contributed in boosting the profit for the period under view.