The Shareholders, The Nigerian Stock Exchange and the Investing Public are hereby notified of the following changes to the Board of Directors of Notore Chemical Industries Plc (“Notore” or “the Company”):
General Dr. Yakubu Gowon, GCFR is a Non-Executive Director and chairs the Board of the Company. He was Nigeria’s Head of State and Commander-in-Chief of the Armed Forces from 1966 to 1975. He is a doctorate degree holder in Political Science, which he obtained from the University of Warwick in 1984. General Gowon has spent the past three decades providing leadership for projects designed to promote peace and progress in Nigeria and also internationally. General Gowon was the immediate past Chairman of IGI Plc, one of the largest insurance companies in Nigeria and additionally, Chairman of the Board of Directors of Safa Group of Companies. He is also Chairman, Nigeria Prays and Patron of the Bible Society of Nigeria (BSN). He joined the Board of Notore Chemical Industries Plc. on 7th February 2007. His retirement from the Board of the Company is effective from 28th January 2021.
Lagos, 29th January 2021 – Turnaround Maintenance Programme (TAM) is in progress. Targeting significant improvement in Plant reliability and sustained increase in production output up to nameplate design capacity of 500,000MT per annum after TAM is completed by March 08, 2021.
During the first quarter ended 31st December 2020 (Q1 2021 FY), Notore recorded revenues of ₦3.57 billion (₦8.18 billion for Q1 2020 FY). The decline in revenue during the period was largely due to low urea production output as a result of plant downtime to allow for our pre-TAM preparations. This resulted in an operating loss of ₦2.48 billion in Q1 2021 FY (Q1 2020 FY: operating profit was ₦2.01 billion), which was further depressed by finance cost of ₦4.07, resulting in a Net Loss of ₦6.56 billion for the period (Q1 2020 FY was ₦1.42 billion).
Lagos, 31 December 2020 – Presented below are the highlights of the Audited Financial Statement of Notore Chemical Industries Plc (“Notore”) for the Twelve-Month Period Ended 30th September 2020.
Notore recorded revenues of ₦18.80 billion for the twelve-month period ended 30th September 2020 (30 September 2019: ₦21.42 billion), a 12% decline in revenue due largely to an increased plant downtime caused by equipment maintenance during the period under review. This was also exacerbated by the outbreak of the COVID-19 pandemic, which has caused supply chain and logistics disruptions for our company, particularly with respect to acquisition of new equipment spares. The travel restrictions put in place by governments globally also further constrained our sourcing of technical resources and engineering support services, which resulted in prolonged Plant downtimes with consequential negative impact on production volumes and sales.