The Company in its six months unaudited results sent to the Nigerian Stock Exchange, NSE reported an operating profit of N4.63 billion for the half year ended March 31, 2019, up 4,251 per cent from N0.11 billion posted in the corresponding period of 2018.
The Company in a statement explained that 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.
Despite the growth of 4,251 per cent in operating profit, Notore ended the H1 2019 with a loss of N1.942 billion due to net finance its net finance cost of N6.57 billion, compared with N5.144 billion in 2018. But market analysts said the N1.942 billion loss is an improvement on the loss of N4.517 billion recorded in the corresponding period of 2018.
“The domestic fertilizer market is yet to reach its full potential as the consumption of fertilizer per hectare of arable land in Nigeria is below 10kg compared to the 200kg recommended by Food & Agriculture Organisation. Furthermore, the demand for urea and compound fertilizers, such as NPK, from the West African markets and Sahel African states is also quite significant.Notore sold all the urea that it produced during the period under review,” the company said.
Source: News Formal (newsformal.com)
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