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.