Notore Chemical Industries Plc, a chemical and agro-allied company, reported group operating income of N12.06 billion for the third quarter that concluded in September 2022.
The company highlighted that its group year-to-date revenue for the period ending September 30, 2022, stood at 32.95 billion, compared to 17.47 billion for the same period in 2021, in a statement by its Group Managing Director and Chief Executive Officer, Ohis Ohiwerei.
“Notore Chemical Industries Limited (Notore) generated group year-to-date revenue of 32.95 billion for the period ending September 2022, compared to 17.47 billion for the same period in 2021,” says Ohiwerei. “This represents an 89 per cent growth year-over-year.”
Additionally, the corporation reported “operational income of N12.06 billion, compared to Loss of (N3.49) billion in September 2021 (an rise of 446 percent year-over-year) attributed to greater revenues from urea manufacturing,” the speaker continued.
In order to further diversify the company’s revenue streams and boost profitability, he noted that Notore intends to ramp up the production of its product offerings, including Notore NPK fertilisers, seeds, and rice. He added that “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 went on: “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.”
