Notore Records N4.6 Billion Operating Profit in Six Months - THISDAYLIVE via thisdaylive
Notore Chemical Industries Plc has posted an operating profit of N4.63 billion for the half year ended March 31, 2019, compared with N0.11 billion recorded in the corresponding period of 2018.
The decline was mainly due to plant downtime during the period under review as a re result of the turn-around maintenance programme activities. However, the TAM programme is expected to be completed by first quarter of 2020, after which the plant will operate at its nameplate capacity.However, the growth of 4,251 per cent in operating profit notwithstanding, Notore posted a loss of N1.942 billion in H1 of 2019 due to net finance cost that grew from N5.144 billion in 2018 to N6.
Reviewing the operational and market developments in the H1, Notore said Nigerian fertilizer demand is quite robust and is expected to continue to grow because of the federal government’s agenda to use agriculture as one of the keys to unlock the diversification of the Nigerian economy.
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