Nigerian Enamelware Income Statement

Financials in millions NGN. Fiscal year is May - April.

Millions NGN. Fiscal year is May - Apr.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '25 Oct 31, 2025	Apr '25 Apr 30, 2025	Apr '24 Apr 30, 2024	Apr '23 Apr 30, 2023	Apr '22 Apr 30, 2022	Apr '21 Apr 30, 2021
Revenue	1,032	1,431	718.35	227.3	354.8	297.67
Revenue Growth (YoY)	-28.85%	99.22%	216.03%	-35.94%	19.20%	-40.22%
Cost of Revenue	1,068	1,377	530.68	254.49	410.46	419.44
Gross Profit	-35.57	54.01	187.67	-27.19	-55.65	-121.77
Selling, General & Admin	59.92	23	23	107.72	65.59	125.41
Other Operating Expenses	180.38	120.14	2,739	-	-	-
Operating Expenses	240.29	143.14	2,762	107.72	65.59	130.81
Operating Income	-275.86	-89.12	-2,574	-134.91	-121.24	-252.58
Interest Expense	-	-	-	-	-	-36.45
Interest & Investment Income	-	-	2.67	-	-	-
Other Non Operating Income (Expenses)	114.06	114.06	6.77	55.1	-0.32	-0.37
EBT Excluding Unusual Items	-161.81	24.93	-2,565	-79.82	-121.56	-289.4
Merger & Restructuring Charges	-	-	-	-	-322.3	-
Gain (Loss) on Sale of Assets	-	-	-	2,651	-	-
Pretax Income	-161.81	24.93	-2,565	2,571	-443.85	-289.4
Income Tax Expense	9.46	9.46	33.04	885.29	-12.63	-13.86
Net Income	-171.27	15.48	-2,598	1,686	-431.22	-275.53
Net Income to Common	-171.27	15.48	-2,598	1,686	-431.22	-275.53
Shares Outstanding (Basic)	76	76	76	76	76	76
Shares Outstanding (Diluted)	76	76	76	76	76	76
EPS (Basic)	-2.25	0.20	-34.17	22.18	-5.67	-3.62
EPS (Diluted)	-2.26	0.20	-34.17	22.18	-5.67	-3.62
Free Cash Flow	-223.87	-191.16	-1,014	-1,645	-16.51	36.92
Free Cash Flow Per Share	-2.94	-2.51	-13.33	-21.64	-0.22	0.49
Gross Margin	-3.45%	3.77%	26.13%	-11.96%	-15.68%	-40.91%
Operating Margin	-26.73%	-6.23%	-358.35%	-59.35%	-34.17%	-84.85%
Profit Margin	-16.59%	1.08%	-361.63%	741.77%	-121.54%	-92.56%
Free Cash Flow Margin	-21.69%	-13.36%	-141.09%	-723.79%	-4.65%	12.40%
EBITDA	-234.82	-48.19	-2,533	-83.25	-69.58	-200.89
EBITDA Margin	-22.75%	-3.37%	-	-36.63%	-19.61%	-67.49%
D&A For EBITDA	41.05	40.93	40.93	51.66	51.66	51.69
EBIT	-275.86	-89.12	-2,574	-134.91	-121.24	-252.58
EBIT Margin	-26.73%	-6.23%	-	-59.35%	-34.17%	-84.85%
Effective Tax Rate	-	37.93%	-	34.43%	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.