Notore’s Q3 revenue hits N12.06 billion

Chemical and agro-allied company, Notore Chemical Industries Plc, has recorded a group operating income of N12.06 billion for the third quarter ended September, 2022.

The company, in a statement by its Group Managing Director and Chief Executive Officer, Ohis Ohiwerei, noted that its group year-to-date revenue stands at ₦32.95 billion for the period ended September 30, 2022, compared to ₦17.47 billion for the same period in 2021.

According to Ohiwerei: “Notore Chemical Industries Limited (Notore) recorded group year-to-date revenue of ₦32.95 billion for the period ended September 2022, compared to ₦17.47 billion for the same period in 2021 representing an 89 per cent increase year-on-year.”

He added that the company also posted “operating income of N12.06 billion, compared to Loss of (N3.49) billion in September 2021 (an increase of 446 percent year-on-year) attributable to higher revenues from urea production.”

He noted that Notore intends to ramp up the production of its product offerings including Notore NPK fertilisers, seeds, and rice to further diversify the company’s revenue streams and increase profitability, adding, “successful achievement of these milestones further demonstrates the company’s commitment to its corporate vision to be a significant contributor to the development of Africa.”

Ohiwerei continued: “Notore’s market environment remains favourable, as fertilizer is a key input to Nigeria’s agricultural productivity and food sufficiency. Nigeria is a top priority under the Africa Emergency Food Production Plan, a strategic initiative by the African Development Bank to mitigate the impact of the Russian-Ukraine war on food supplies in Africa.”

“The recent disruptions in global markets have created an opportunity for Nigeria to be a suitable alternative for fertilizer importing countries. As the Federal Government continues to implement policies and initiatives to further boost the agricultural value chain, Notore intends to prioritize the domestic market, continue to improve its NPK presence in the market and leverage opportunities to meet demand both in the domestic and West African markets.”