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Home Markets Equities Company Results

 Notore Chemicals Industries Plc reports a loss of N6.4 billion in FY 2020.

Chidi Emenike by Chidi Emenike
June 7, 2021
in Company Results, Markets
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Notore Chemicals Industries Plc released its audited full-year results for the period ended 30th September 2020.

  • Revenue for the period was N18.8 billion.(-12% YoY)
  • Cost of sales was N21.7 billion. (+24% YoY)
  • Administrative expenses totalled N5.9 billion.(-10.4% YoY)
  • Operating profit was N9.49 billion. (+177% YoY)
  • Loss for the year was N6.4 billion.
  • Loss per share of -N3.97 Vs -N3.57 YoY.

Commenting on why the firm recorded a massive loss despite a surge in its operating profit, the Chairman of Notore Chemical Industries Plc, General Yakubu Gowon said: ‘’ Our operating profit in the financial year increased by 177% from ₦3.42 billion in FYE 2019 to ₦9.48 billion in FYE 2020. Despite the positive operating profit, we recorded a loss for the year of ₦6.39 billion during the period (FYE 2019: ₦5.75 billion). This was due to the offsets caused by Finance Cost— which rose from ₦13.69 billion in FY 2019 to ₦23.40 billion in FY 2020—and an Exchange loss on US dollar-denominated loans of ₦7.72 billion as a result of the CBN’s devaluation of the Naira from ₦306/$ to ₦380/$ during the period.’’

See link to results.

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Tags: Company Financial ResultsNotore Chemicals Industries Plc
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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