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.
Lagos, 29th April 2019 - Notore Chemical Industries Plc (‘Notore’), a vertically integrated agro-allied and chemicals business, will release its unaudited results for the half year ended 31 March 2019 on Tuesday 30 April 2019.
On the 2nd of May 2019, the Group Chief Executive Officer, Mr. Onajite Okoloko, the Group Deputy Managing Director/Chief Financial Officer, Mr. Ohis Ohiwerei and the Group Head, Finance & Administration, Mr. Bola Tolujo, will host a conference call for investors and analysts at 14:00 (Lagos) / 14:00 (London) / 9:00 (New York) /15:00 (Johannesburg) to discuss the Group’s business performance during the period.
The results announcement and investor presentation will be available on the investor relations section of the Notore Chemical Industries Plc website at: www.notore.com/investor-relations
Notore Chemical Industries Plc. (“Notore” or “the Company”) hereby notifies the Nigerian Stock Exchange of the following changes in its Board of Directors with effect from 14 th December 2018:
Chief Odoliyi Lolomari was a Non-Executive Director of the Company with over 45 years in the Petroleum Industry. Chief Lolomari was a former Group Managing Director of NNPC. He holds a Bachelor degree in Physics which he obtained from the University of London in 1960 and a Diploma in Technology which he obtained in 1961 from the Imperial College (DCI) London. Chief Lolomari is a Fellow of the Institute of Petroleum, London and the Nigerian Mining and Geosciences Society.
Chief Odoliyi Lolomari joined the Board of Notore Chemical Industries Plc. on 27 April 2007 and has served on the Board as a non-executive Director for a period of 11 years. Among other Board roles, Chief Lolomari also served as the Chairman of the Board Audit Committee.
Accordingly, the Board has accepted his resignation and expressed its appreciation for this stewardship.
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