Notore Media Centre
Notore Chemical Industries Plc Reports ₦3.3 billion Operating Profit for the Nine-Month Period Ended 30 June 2019
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.
Group Financial Highlights
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.
Issued in Lagos, Nigeria – 11th July 2019
NOTIFICATION: NOTORE CHEMICAL INDUSTIRES PLC. — RESIGNATION OF NON-EXECUTIVE DIRECTORS
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 (Non-Executive Director)
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 (Non-Executive Director)
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:
ORDINARY BUSINESS:
- To receive and consider the Audited Financial Statements of the Company and of the Group for the year ended 30th September 2018, together with the Reports of the Directors, Auditors and Audit Committee thereon.
- To re-appoint the Company’s External Auditors and to authorise the Directors of the Company to fix the remuneration of the External Auditors.
- To re-elect the Directors who in accordance with Section 259(2) of the Companies and Allied Matters Act (CAMA), Cap. C20, 2004 retire by rotation, but are eligible and offer themselves for re-election.
- Ratification of the appointment of Mr. Ohis Ohiwerei as Director of the Company.
- To elect members of the Statutory Audit Committee.
More…
- Notore Reports H1, 2019 Financial Results
- Save the Date — Notore Half Year 2019 Results Conference Call
- Notification of Changes to Board of Directors of Notore Chemical Industries Plc
- Notore Notification to NSE Of Changes to Management and Board Of Directors
- Notore Chemical Industries Plc Announces 9M 2018 Results
- Notore Chemical Industries Plc (‘Notore’) Announces the Date for its Nine Month 2018 Results Release and Conference Call.
- Notore Chemical Industries Plc Lists On the Main Board of the Nigerian Stock Exchange
- Notore Power Limited Signs Joint Development Agreement (JDA) with ContourGlobal
- Notore Set to Increase Fertiliser Production Through Joint Development with Mitsubishi Corporation
- Notore Signs Agreement with Tata Chemicals
- Notore Launches Premium Distribution Channels to Make Agro Inputs Available
- Notore Teams Up with Cross Rivers Government on 255,000 Metric Ton Rice Mill
- Notore Launches Catalyst Course
- Notore and Partners Introduce 400 Agricultural Learning Centres
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.