Skip to main content

Notore grows earnings by 6% to N17.4bn in 9mths

Workers at the Notore factory in Onne 

Notore Chemical Industries Plc, has recorded   a six   percent growth in revenue to   ¦ 17.4 billion, as well as   operating income of ¦ 3.8 billion for the nine months ended June 30, 2020.

The company disclosed this in its unaudited Q3 2020 financial results.

In a statement, it said, “There has been good progress with the on-going Turn Around Maintenance (TAM) programme on the existing plant. Significant increases in production outputs and revenues are projected after TAM is completed at the end of December 2020 as expected.”

Giving further breakdown of its results, the company said, “The gross revenue stands at ¦ 17.42 billion, compared to ¦ 16.49 billion in Q3 2019, representing six percent YoY growth, indicating   a modest increase in production output and sales, while operating income is ¦ 3.79 billion, compared to ¦ 3.34 billion in Q3 2019, representing an increase of   13 percent, YoY,   driven largely by increases in other income.

READ ALSO:Civil Service: Labour battles govt over tenure elongation, irregular appointments

The company further   noted that its debt service cost stood at ¦ 11.89 billion, up   by 14 percent YoY, from ¦ 10.45 billion in Q3 2019, due to additional term borrowing to finance the TAM programme and the impact of Naira devaluation on foreign currency denominated loans.

It continued: “Notore’s gradual revenue growth is attributable to some improvements in Plant reliability derived from the on-going Turn-Around Maintenance (TAM) programme, which has begun to impact positively on Plant operations, resulting in some modest increases in production volumes and production on-stream days during the period.”

Commenting, Notore’s Group Managing Director, Mr. Onajite   Okoloko, said, “Having installed and commissioned a brand new 2,000 metric tons per day NPK Blending Plant with capacity to produce various crop specialty blends of NPK fertilizer, the company is consolidating customer loyalty by expanding its product offerings.

“The NPK Plant has now commenced commercial production and sale of bulk dry blended NPK fertilizer varieties. Additionally, the company entered into partnership with the NAIC-NPK LIMITED during the period for the blending, packaging, sale and distribution of NPK fertilizer for the year 2020 farming season under the Presidential Fertilizer Initiative (“PFI”).”

The post Notore grows earnings by 6% to N17.4bn in 9mths appeared first on Vanguard News.


https://ift.tt/39I2NqZ by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha...
2 comments
Read more

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com ...
Post a Comment
Read more

Media Women Forum begins awareness of mental wellbeing

By Yetunde Arebi Media Women Forum has begun a campaign to create awareness of mental wellbeing. The group organized a Webinar on Saturday  27, 2020 to draw public attention to the need for people especially women to protect their mental wellbeing. The group noted that there is an unpleasant development,  whereby women in their early 40s are dying of heart attack, stroke, and depression. In her opening address Olori  Janet Afolabi, CNN award-winning journalist, Oueen of Apomu Kingdom said different challenges are attacking people mentally. Also read: African Consuls General hold dialogue with Diaspora leaders, U.S. officials “A lot of women worry about their marriages, families, loss of a job, loss of loved ones, domestic violence, sex abuse, and rape. The effects of these unseen, unspoken but piercing emotional pains are creating scars in the minds of women. The scars have sent some women to the grave while some are living  with it.” Olori Janet, therefore, ad...
Post a Comment
Read more