Nigerian Enamelware profit drops by 196%

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Stanley Opara

The profit after tax of Nigerian Enamelware Plc dropped by 196 per cent for the year ended April 30, 2017 to N45.058m from N133.475m recorded in the corresponding period of last year.

The company’s turnover also dropped to N2.528bn from N2.795bn.

In its financial statement filed with the Nigerian Stock Exchange on Wednesday, the company said its profit before tax also dropped by 161 per cent to N67.849m from N176.961m posted in the corresponding period of 2016.

Also, Guinness Nigeria Plc, in a related development filed with the NSE some changes on its board of directors.

Two of its directors resigned from the company’s board. They are: Mr. Phil Jenkins, a non-executive director, and Mr. Cephas Afebuameh, an executive director.

However, Mr. Leo Breen joined the brewer as a non-executive director.

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