Notore Chemical Industries Plc Gains N21.55 Billion in 2023 FY
- Posted on April 04, 2024
- Featured
- By PETER AGADA
Notore Chemical Industries Plc, one of Africa's biggest and leading fertiliser and agro-allied companies, recently announced that its total revenue was N21.55 billion for the fiscal year ending December 31, 2023.
Notore Chemical Industries Plc made this known in its recently released statement, announcing that it attained such a positive result despite different macroeconomic challenges faced during the period. It has demonstrated remarkable resilience in navigating a challenging operating environment.
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The released statement partly reads, "The year 2023 proved to be a challenging period for Notore, characterized 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. Additionally, Nigeria experienced a sharp rise in its annual inflation rate, reaching 28.92%, a twenty year high.
Against this backdrop, Notore recorded a group year-to-date (YTD) revenue of ₦21.55 billion for the year ended December 31, 2023, compared to ₦32.31 billion for the same period in 2022, representing a 33% decrease year-on-year (Y-o Y). The Group also reported a year-to-date loss of (₦114.18) billion for the year ended December 31, 2023, impacted by exchange differences and the cost of funds. This is compared to a loss of ₦16.04 billion in the same period during the prior year."
Also commenting on the result, the company's GMD, Mr Ohis Ohiwerei, said: "Notore is focused on navigating economic conditions and is optimistic about the future. It will leverage its strengths to drive sustainable growth and value creation for stakeholders."
The company has also reported major progress in its equity raise transaction, which was approved by the shareholders and the board of directors, building on this commitment to overcome obstacles.
The subscription offer is expected to result in a substantial capital injection of over N105 billion into the company.
Also, during a recently concluded Extraordinary General Meeting (EGM), shareholders approved necessary measures to ensure the company's financial prosperity.
It further stated that these approvals open the door to a significant financial boost for several needs, adding that the infusion of more than N105 billion into Notore upon transaction completion will strengthen operational capabilities.
Along with this announcement, the company declared that Mr. Femi Agbaje would take over as Chairman of the Board of Directors until the ongoing equity transaction with the company is completed.
Mr. Femi Agbaje, who has been in the industry for more than 40 years, brings a wealth of experience to his new position. He served as a non-executive director of Notore before taking on the role of chief financial officer in September 2018. His broad background in banking and finance makes him a valuable asset to Notore as it pursues its strategic goals.
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