Nigeria’s Notore Chemical reports 123% loss for FY 2018 as 3 directors exit

NIGERIA – Notore Chemical Industries Plc, a Nigerian agro-allied products manufacturer, reported a 123% loss in its financial position for 2018, reports Premium Times.

The company has been experiencing declining fortunes in recent years, with its latest financial report as at September 2018 showing 123 percent loss, from N8.65billion profit recorded in 2017 to a loss of over N2.013 billion.

Notore retained loss, which stood at about N33.3 billion in 2016, improved marginally in 2018 to N17.197 billion, from N19.88 billion in 2017 while Total liabilities increased from N96.5 billion in 2017 to about N104.13 billion.

Notore’s Total equity and liabilities also increased from N147.2billion in 2017 to about N152.8billion in the current financial year, while borrowings grew from N25.3billion to N69.3 billion.

The company has declared N1.25 earnings per share a decline from, which stood at N5.37 in 2017

This comes at a time when the company announced the exit of three members of its Board of Directors, the company’s Group Secretary, Otivbo Saleh, said Odoliyi Lolomani, a non-Executive Director, had retired, while two others – Geofrey Dedieu and Bernard Longe — resigned their positions.

Mr Lolomani, a former group managing director of the Nigerian National Petroleum Corporation (NNPC), joined the Board of Notore Chemical Industries on April 27, 2007.

Mr Dedieu who joined the Board of the Company on February 2011, served for over seven years, just as Mr Longe who left after seven years, having served on the Board of the company since November 17, 2011.

The company has since announced replacements for the three departed top officials with new non-executive directors’ appointments include Ovie Ukiri, Tseyi Hammond and Olusoji Emiola.

Mr Ukiri, a legal practitioner with over 28 years of experience, is a member of the Nigerian Bar Association and a fellow of the Chartered Institute of Taxation of Nigeria.

Mr Hammond, a financial professional with over 17 years of experience in the finance sector, has been involved in establishing business lines and products through strategic assessment of financial markets.

Mr Emiola is an experienced professional with a successful career in the insurance industry who before his appointment worked at TY Holdings Limited as the Managing Director.

Notore Chemicals Industries also operates investments under Notore Seed Company, Notore power and is a major manufacturer of fertilisers.