Notore Media Centre
Notore Chemical Industries Plc Unaudited Results for the 3rd Quarter Ended June 30, 2021
Lagos, 31st July 2021 – Notore announce post-TAM group revenue of N9.43 billion for third quarter ended 30th June 2021.
Group Financial Highlights
During the third quarter ended 30th June 2021 (Q3 2021 FY), Notore recorded group revenues of ₦9.43 billion (₦17.42 billion for Q3 2020 FY) due largely to the Turnaround Maintenance Programme (TAM) on the fertilizer plant, the closure of which extended into the quarter. This was worsened by the delays experienced in the post-TAM operations recommencement activities. Consequently, resulting in an operating loss of ₦3.30 billion in Q3 2021 FY (Q3 2020 FY operating profit was ₦3.87 billion), which was further depressed by finance cost of ₦12.54 billion, resulting in a Net Loss of ₦15.84 billion for the period (Q3 2020 FY was a Net Loss of ₦8.09 billion).
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Seventh Annual General Meeting of Notore Chemical Industries Plc. (the “Company”), will hold at the Oduduwa Hall, Southern Sun Hotel, 47, Alfred Rewane Road (formerly Kingsway Road), Ikoyi, Lagos State, on Friday, 25th June, 2021 at 11.00am prompt, to transact the following business:
Notore Chemical Industries Plc Unaudited Results for the 2nd Quarter Ended March 31, 2021
Lagos, 30th April 2021 – Successful completion of Turnaround Maintenance Programme (TAM). Expected significant improvement in Plant reliability and sustained increase in production output up to nameplate design capacity of 500,000MT per annum.
Group Financial Highlights
During the second quarter ended 31st March 2021 (Q2 2021 FY), the Plant was shut down to allow for the performance of the TAM activities. As a result, there was sparse production of Urea during the last quarter.
Notore recorded revenues of ₦5.25 billion (₦13.12 billion for Q2 2020 FY). As expected, there was a sharp decline in revenue due to the TAM and Plant shutdown during the period. Consequently, this resulted in an operating loss of ₦0.82 billion in Q2 2021 FY (Q2 2020 FY: operating profit was ₦ 2.66 billion), which was further depressed by finance cost of ₦ 8.45 billion, resulting in a Net Loss of ₦9.27 billion for the period (Q2 2020 FY was a Net Loss of ₦ 5.80 billion).
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About Notore
Notore is a vertically integrated agro-allied and chemicals business situated in Onne (near Port Harcourt), Rivers State in South-South Nigeria and is engaged primarily in the production and sale of fertiliser products. The Group’s current business comprises fertiliser production, supply and trading of fertiliser, and power.