• Wednesday, April 24, 2024
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BusinessDay

Notore full year loss widens to N114bn in 2023

Kwararafa targets 60% equity stake in Notore

…as revenue drops to N21.55bn

Fertiliser and agro-allied company, Notore Chemical Industries plc, has recorded group loss after tax (LAT) of N114.2billion for the year ended December 31, 2023, a remarkable increase from loss of N7.1billion in year 2022.

This is even as the company’s revenue decreased to N21.55 billion from N32.3 billion in 2022 financial year.

Notore Chemical also reported basic Loss Per Share (LPS) (Naira) of 70.87 from a low of 4.4 in 2022, according to the results at the Nigerian Exchange Limited (NGX). The company’s share price remains at N62.5 per share.

The year 2023 proved to be a challenging period for Notore, characterised by the devaluation of the naira, significant forex volatility, and the rising cost of funds driven by changes in the Monetary Policy Committee (MPC) rates,” Notore said in a statement.

Amid negatives in 2023, the company announced significant progress in its equity raise transaction following approvals from the board of directors and shareholders. The subscription offer is expected to result in a substantial capital injection of over N105 billion into the company.

During a recently concluded extraordinary general meeting, shareholders provided necessary approvals for the company’s financial prosperity. These approvals pave the way for a substantial financial boost for various needs, the company said, noting that upon completion of the transaction, the injection of over N105 billion into Notore will bolster operational capabilities

According to Ohis Ohiwerei, group managing director of the company, “We are focused on navigating economic conditions and optimistic about the future. We will leverage our strengths to drive sustainable growth and value creation for stakeholders.”