Notore records N9.48bn profit in 12 months | Dailytrust

Notore records N9.48bn profit in 12 months

Notore Chemical Industries Plc
Notore Chemical Industries Plc

Notore Chemical Industries Plc has recorded an operating profit of N9.48 billion in 12 months, which ended in September 2020. The profit is 177 per cent more than the N3.418bn it made in the period that ended in 2019.

The company disclosed this in its audited financial statement for the twelve-month period ended September 30, 2020.

In a statement, the Group Managing Director/Chief Executive Officer (CEO), Notore Chemical Industries, Mr. Onajite Okoloko, said the increase in the company’s operating profit is due to surpluses from the professional revaluation of investment properties class of its asset.

He said, “The increase was mainly attributable to surpluses from the professional revaluation of investment properties class of its asset.”

Okoloko added that the company is diversifying its revenue stream through the optimisation of its assets

He also explained that Notore achieved several important milestones to position the company for a great future, noting, “First, was the disbursement of the ₦13.32bn Afreximbank facility on December 31, 2019, which set the stage for the commencement of the Turn Around Maintenance (TAM) programme for our plant.”

He also disclosed that a significant part of all the equipment and spares ordered during the year for the TAM programme have been delivered, while most of the others are in transit.

“The TAM is on course and expected to be completed at the end of January 2021, barring any further shutdowns or restrictions, occasioned by the COVID-19 pandemic.”

For the 2021 Financial Year, Notore expects to significantly exceed its 2020 Financial Year production volumes, revenue and operating cash flows, thereby returning the company to profitability.