Lagos, 29 July 2019 – Notore Chemical Industries Nigeria Plc (“Notore” or the “Group”), a leading vertically integrated agro-allied and chemicals business, today announced its unaudited results for the nine-month period ended 30 June 2019.
Notore recorded revenue of ₦16.5 billion for the nine-month period ended 30 June 2019, compared to ₦20.6 billion for the corresponding 2018 period resulting in a 19.9% decline Y-o-Y. This was mainly due to plant downtime during the period under review. Activities for the Turn-Around Maintenance (“TAM”) program are expected to be completed by Q1 2020, after which the plant will operate at its nameplate capacity.
Notore’s Operating Profit declined by 10.9% from ₦3.8 billion in 9M 2018 to ₦3.3 billion in 9M 2019. Additionally, Notore recorded a loss after tax of ₦7.1 billion (9M 2018: ₦3.9 billion) during the period because of its net finance cost of ₦10.5 billion.
Notore Chemical Industries Plc. (“Notore” or “the Company”) hereby notifies the Nigerian Stock Exchange of the resignation of two members of its Board of Directors.
Mr. Oluwaseyi Owodunni joined the Board of the Company on 29th July 2016 and served on the Board as a non-executive Director for a period of over three (3) years. Mr. Owodunni served on the Board Finance and Technical Committee.
Mr. Olusoji Emiola joined the Board of the Company on 14th December 2018 as a non-executive Director, and served on the Board Finance Committee.
Accordingly, the Board has accepted their respective resignations and expressed its appreciation for their commitment and extensive contributions to the Company and wish them the very best in their future endeavors.
NOTICE OF ANNUAL GENERAL MEETING
Lagos, 3 June 2019
NOTICE IS HEREBY GIVEN that the 5th Annual General Meeting of Notore Chemical Industries Plc. (the “Company”), will be held at the Staff Canteen, Notore Industrial Complex, Onne, Rivers State on Tuesday 25th June, 2019, at 1.00 pm prompt, to transact the following business:
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