Reported Earnings • May 26
Full year 2026 earnings released: ₦0.58 loss per share (vs ₦0.20 profit in FY 2025) Full year 2026 results: ₦0.58 loss per share (down from ₦0.20 profit in FY 2025). Revenue: ₦1.30b (down 9.0% from FY 2025). Net loss: ₦44.2m (down 385% from profit in FY 2025). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Sunday Ogunnowo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 26
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Sunday Ogunnowo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 28
Second quarter 2026 earnings released: ₦0.07 loss per share (vs ₦0.096 loss in 2Q 2025) Second quarter 2026 results: ₦0.07 loss per share (improved from ₦0.096 loss in 2Q 2025). Revenue: ₦404.5m (up 39% from 2Q 2025). Net loss: ₦5.63m (loss narrowed 23% from 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Board Change • Nov 17
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Sunday Ogunnowo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Sunday Ogunnowo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 30
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Sunday Ogunnowo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 25
Nigerian Enamelware PLC, Annual General Meeting, Nov 06, 2025 Nigerian Enamelware PLC, Annual General Meeting, Nov 06, 2025, at 10:00 W. Central Africa Standard Time. Location: adeoti holl, conference hotel limited, i a & `lb, confeience avenue gra ljebu ode, ogun stote, Nigeria Board Change • Sep 08
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Sunday Ogunnowo was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 31
First quarter 2026 earnings released: ₦1.06 loss per share (vs ₦1.42 profit in 1Q 2025) First quarter 2026 results: ₦1.06 loss per share (down from ₦1.42 profit in 1Q 2025). Revenue: ₦46.6m (down 92% from 1Q 2025). Net loss: ₦80.5m (down 175% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Reported Earnings • Jul 30
Full year 2025 earnings released: EPS: ₦0.20 (vs ₦34.17 loss in FY 2024) Full year 2025 results: EPS: ₦0.20 (up from ₦34.17 loss in FY 2024). Revenue: ₦1.43b (up 99% from FY 2024). Net income: ₦15.5m (up ₦2.61b from FY 2024). Profit margin: 1.1% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦24.55, the stock trades at a trailing P/E ratio of 47.1x. Average trailing P/E is 7x in the Consumer Durables industry in Africa. Total returns to shareholders of 52% over the past three years. Board Change • Jul 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive Independent Director Robert Tung was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jun 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive Independent Director Robert Tung was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 31
Full year 2025 earnings released: EPS: ₦0.52 (vs ₦34.17 loss in FY 2024) Full year 2025 results: EPS: ₦0.52 (up from ₦34.17 loss in FY 2024). Revenue: ₦1.43b (up 99% from FY 2024). Net income: ₦39.6m (up ₦2.64b from FY 2024). Profit margin: 2.8% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • May 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive Independent Director Robert Tung was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive Independent Director Robert Tung was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 17
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive Independent Director Robert Tung was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 30
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive Independent Director Robert Tung was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Sep 08
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₦636m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦636m). Revenue is less than US$1m (₦1.2b revenue, or US$754k). Market cap is less than US$10m (₦1.47b market cap, or US$905.4k). Announcement • Jul 31
Nigerian Enamelware PLC, Annual General Meeting, Sep 26, 2024 Nigerian Enamelware PLC, Annual General Meeting, Sep 26, 2024, at 10:00 W. Central Africa Standard Time. Location: osun holl, logos airporl hotel, awolowo woy, lkejo, logos Nigeria New Risk • Jul 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₦1.0b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₦1.0b free cash flow). Revenue is less than US$1m (₦718m revenue, or US$466k). Market cap is less than US$10m (₦1.47b market cap, or US$952.4k). Reported Earnings • Aug 31
First quarter 2024 earnings released: ₦0.91 loss per share (vs ₦0.20 loss in 1Q 2023) First quarter 2024 results: ₦0.91 loss per share (further deteriorated from ₦0.20 loss in 1Q 2023). Net loss: ₦68.9m (loss widened 349% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Full year 2023 earnings released: EPS: ₦22.18 (vs ₦5.67 loss in FY 2022) Full year 2023 results: EPS: ₦22.18 (up from ₦5.67 loss in FY 2022). Net income: ₦1.69b (up ₦2.12b from FY 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 30
Full year 2023 earnings released: ₦1.00 loss per share (vs ₦5.67 loss in FY 2022) Full year 2023 results: ₦1.00 loss per share (improved from ₦5.67 loss in FY 2022). Net loss: ₦76.3m (loss narrowed 82% from FY 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Second quarter 2023 earnings released: EPS: ₦0.03 (vs ₦0.79 loss in 2Q 2022) Second quarter 2023 results: EPS: ₦0.03 (up from ₦0.79 loss in 2Q 2022). Net income: ₦2.60m (up ₦62.5m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Baale Ogunlowo is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 27
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: ₦0.79 loss per share (down from ₦0.74 loss in 2Q 2021). Revenue: ₦142.7m (up 53% from 2Q 2021). Net loss: ₦59.9m (loss widened 5.8% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 04
New 90-day low: ₦19.90 The company is down 10.0% from its price of ₦22.10 on 04 December 2020. The Nigerien market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 13
New 90-day low: ₦21.00 The company is down 5.0% from its price of ₦22.10 on 15 July 2020. The Nigerien market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 1.0% over the same period. 
