News::Notore Chemicals records N2bn loss in 2018

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Notore Chemical Industries Plc has recorded a N2.01bn loss in its 2018 financial year.
The financial statements of the company, which was made available to the Nigerian Stock Exchange on Thursday, showed that the company’s finance cost of N10.8bn made the company record the N2.01bn loss, compared with a profit of N8.7bn in 2017.
An analysis of the financial statements showed that the company’s total revenue of N26.8bn reduced by 25.2 per cent when compared to the N35.9bn recorded in the same period in 2017.
The company said in a statement on Friday that it expected its revenue to improve in 2019 after the completion of its plant Turn-Around-Maintenance programme.
According to the audited results, Notore Chemicals recorded a reduction in the cost of sales, from N25.5bn in 2017 to N17.2bn in 2018.
Administrative expenses increased from N4.4bn to N6.2bn, while sales and distribution expenses rose from N320m to N530m in 2018.
The Group Managing Director/Chief Executive Officer, Notore Chemicals, Mr Onajite Okoloko, said the company listed on the NSE in August 2017.
He said he believed the listing would increase the company’s access to capital in order to fund its future growth initiatives and grant Nigerians the opportunity to participate in its growth history.
According to the statement, the company has been championing the introduction of Urea Super Granules into the Nigerian market for application by rice producers in flooded farmlands.
The statement read in part, “Also, in its commitment to improving product/service quality, processes and customer satisfaction, the company has transited from its ISO 2001: 2008 Quality Management System to the new ISO 9001:2015 Quality Management System international standard.
“We are also embarking on Plant Turn-Around-Maintenance programme, which involves   the   acquisition and   installation of a backup power plant and for the stocking-up of critical equipment spares inventory.”
The company said upon successful completion of the TAM programme in 2019, its urea production volume would increase to its nameplate capacity of 1,500mtpd.
It said this would translate to a significant increase in future revenue and cash flow of the company and the group.

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