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Africa’s leading fertiliser and agro-allied company, Notore Chemical Industries Plc, has recorded a N2.04 billion operating profit in the first quarter of the 2019/2020 financial year on the back of its plant’s reliability which led to improved production.
The company disclosed this in its unaudited financial statement for three-month period ended December 31 2019, that is, Q1 2020 financial year.
It said, “Notore recorded revenues of N8.18billion for the three-month period ended December 31, 2019 i.e. Q1 2020 financial year(FY), compared to N4.32 billion for the corresponding period in Q1 2019 financial year. The increase in revenue was due to improvement in the plant’s reliability, hence an increase in urea production volumes by 83 per cent (44,076 metric tonnes in Q1 2019 financial year compared to 80,777 metric tonnes in Q1 2020 financial year).
“However, Notore’s operating profit declined by 39 per cent from N3.34 billion in Q1 2019 FY to N2.04 billion in Q1 2020 FY; and this decline in operating profit was due to a drop in other income by 78 per cent. Notore recorded a loss of N1.39 billion during the Q1 2020 FY and a Net Finance cost of N3.43 billion.”
