Lagos, 31st July 2021 – Notore announce post-TAM group revenue of N9.43 billion for third quarter ended 30th June 2021.
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 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:
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.
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).