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:
Presented below is the financial summary of Notore Chemical Industries Plc (“Notore”) Six Month Ended 31st March 2019 Unaudited Financial Statements.
Notore recorded revenue of ₦12.68billion for the Six-Month Period Ended 31st March 2019, compared to ₦15.17billion for the corresponding period in H1 2018 FY resulting in a 16.03% y-o-y decline. The decline was mainly due to plant downtime during the period under review. The Turn-around maintenance (“TAM”) program activities are expected to be completed by Q1 2020, after which the plant will operate at its nameplate capacity. Notore’s cost of sales margin variation over the two periods, H1 2019 and H1 2018 FY was minimal at 80bps increase, because natural gas, which constitutes 90% of the input cost, excluding plant depreciation, has a fixed unit price under a 20-year gas contract.
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