Notore Group's full year pretax loss increases to N10.250bn

Notore Chemical Industries Plc has released its annual report and financial statements for the year ended September 30, 2019. While the company’s reported muted revenue, its pretax loss widened.
The group revenue decreased to N21.418billion in 2019, from a high of N26.823billion in 2018. Gross profit decreased to N3.964billion in 2019 financial year from a preceding year level of N9.606billion.

Loss Before Income Tax (LBT) printed higher at N10.25billion from preceding day low of N3.52billion. The group’s reported loss for the year 2019 also stood higher at N 5.75billion, from loss of N1.906billion in 2018 financial year.
The principal activities of the company are to manufacture, treat, process, produce, supply and deal in nitrogenous fertilizer and all substances suited to improving the fertility of soil and water.

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The Company has a 500,000 metric tonne Urea Plant in Onne, Rivers State, Nigeria.
Notore was incorporated in Nigeria on November 30, 2005, as a private limited liability company, and is domiciled in Nigeria.
On June 13, 2014, the Company was re-registered as a public limited liability company and was listed on the Main Board of the Nigerian Stock Exchange on August 2, 2018.

The company’s 1,612,066,200 ordinary shares of 50kobo each were listed by introduction on the Nigerian Stock Exchange at N62.50kobo per share.
According to the company’s register of members as at September 30, 2019, Notore Chemical Industries [Mauritius] Limited hold 1,234,055,768 units (76.55percent of the entire equity shares), TY Holding Limited (129,629,630 units or 8.04percent), Africa Finance Corporation (77,265,575 units or 4.79percent), and Employee Stock Option [ESOP] Stanbic IBTC (48,358,420 units or 3percent).

Others are Blakeney GP III Ltd – Trading (38,140,000 units or 2.37percent), Orugbo Mike (34,333,330 units or 2.13 percent), Blakeney GP IV Ltd – Trading (23,972,150 units or 1.49percent), Blakeney Investors SICAV – Trading (10,296,370 units or 0.64percent), and Al-Yuma Ventures & Investment Limited (4,730,000 units or 0.29percent).
It also includes Okmine Global Services Limited (4,218,670 units or 0.26percent), R AND Partners Ventures Nig Limited (3,152,500 units or 0.20percent), and Blakeney Optima LP – Trading (1,665,550 units or 0.10percent).

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.