Notore posts N17.4b gross revenue
eading fertiliser and agro-allied company in Africa, Notore Chemical Industries Plc, has posted a six per cent revenue growth, showing gross revenue of N17.4 billion and operating income of N3.8 billion for the nine months ended June 30 this year, according to its unaudited Q3 2020 Financial Results.
It noted that its debt service cost stood at N11.89 billion, compared to N10.45 billion in Q3 2019 , due to additional term borrowing to finance the TAM programme and the impact of Naira devaluation on foreign currency denominated loans. “Operating expenses increased by 22per cent to N16.24 billion during the period from N13.23 billion for the corresponding period of Q3 2019 due mainly to a combination of increases in production activities, Plant repair and maintenance expenses exacerbated by Naira devaluation.”
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