Notore Records N12.06bn Operating Income In Q3, 2022

Notore Chemical Industries Plc has recorded a group operating income of N12.06 billion for the third quarter ended 30th September, 2022.

The company, in a statement signed by its group managing director(GMD) and chief executive officer(CEO), Mr. Ohis Ohiwerei, noted that, its group year-to-date revenue stands at N32.95 billion for the period ended 30th September 2022, compared to N17.47 billion for the same period in 2021.

According to Ohiwerei: “Notore Chemical Industries Limited (Notore) recorded group year-to-date revenue of N32.95 billion for the period ended 30th September 2022, compared to N17.47 billion for the same period in 2021 representing an 89% 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 Sep 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 fertilizers, seeds, and rice to further diversify the company’s revenue streams and increase profitability, adding 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.”

Stressing that Notore’s market environment remains favourable, as fertilizer is a key input to Nigeria’s agricultural productivity and food sufficiency, he added that, Nigeria is a top priority under the Africa Emergency Food Production Plan, a strategic initiative by the African Development Bank(ADB) to mitigate the impact of the Russian-Ukraine war on food supplies in Africa.

To him, “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 prioritise 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.”