Notore Chemical Declares 123% Loss in FY 2018 as EPS Drops 123%

December 27, 2018

By Dipo Olowookere

One of the newly listed companies on the Nigerian Stock Exchange (NSE), Notore Chemical Industries, has released its full year financial results for the 2018 fiscal year.

In the financial scorecard of the Rivers State-based firm analysed by Business Post, the company had a very bad year as it recorded a loss of 123.27 percent for the period ended September 30, 2018.

It was disclosed that Notore Chemical posted a loss after tax of N2 billion compared with the profit after tax of N8.7 billion declared in the corresponding period of 2017.

In the same period under consideration, the revenue generated by the company depreciated by 25.27 percent to N26.8 billion from N35.9 billion achieved 12 months ago, while the gross profit reduced by 7.91 percent to N9.6 billion from N10.4 billion.

However, the firm’s operating profit grew by 3.98 percent to N7.2 billion from N6.9 billion, while the finance income appreciated by 977.10 percent to N4.2 million from N393,000 a year ago.

It was observed that during the year, the management of Notore Chemical made efforts to reduced its cost of sales by 32.38 percent to N17.2 billion from N25.5 billion, but its administrative expenses increased this time around by 40.54 percent to N6.2 billion from N4.4 billion, just as its selling and distribution expenses went up by 65.66 percent to N530.8 million from N320.4 million.

In the period under review, the company’s total assets increased from N147.2 billion to N152.8 billion, while the total liabilities rose to N104.1 billion from N96.5 million, with the shareholders fund reducing by 3.90 percent to N48.7 billion from N50.7 billion.

In addition, the earnings per share of Notore Chemical declined by 123.27 percent in the period under review to -N1.25k from N5.37k exactly a year ago, while the return on equity slipped to -4.13 percent to 17.07 percent.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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