Notore Records N33.2bn Revenue, N7.2bn Gross Profit

Notore Chemical Industries Plc recorded N33.20billion gross revenue and N7.2billion group operating profit for the fourth quarter ended 31st December 2022.

Reacting to the results, which was contained in the company’s unaudited results for the fourth quarter ended 31st December, the company’s Group managing director (GMD)/CEO, Mr. Ohis Ohiwerei said, Notore Plc showed impressive year-on-year performance despite maintenance shutdown and gas supply limitations.

According to him, Notore Plc recorded gross revenue of N33.20billion, compared to N25.71billion in December 2021, with a 29 per cent year-on-year (YoY) increase while operating income grew to N7.2 billion, from N6.7 billion in December 2021 (an increase of 7.7 per cent YoY) attributable to higher revenues from increased production.

Ohiwerei added that: “during the fourth quarter ended 31st December 2022, the plant was shut down for preventative maintenance to increase operational efficiencies for financial year 2023. As a result, there was limited production of Urea during the last quarter.

“The company’s preventative maintenance shutdown in January 2023. The Company is committed to continuous improvement and expects an upturn in production output once gas-supply limitations are resolved.”

On plans to improve on its performance, he said: “Notore intends to optimize the production of its product offerings including Notore NPK fertilizers, seeds, and rice with a focus on increasing profitability. The company completed phase 3 of the Notore Rice pilot programme.

“Notore’s market environment remains supportive, with the increase in food and plant production being a top priority in Nigeria. Like several developing countries in Africa, Nigeria has great fertilizer market potential as it is a key input to boosting Nigeria’s agricultural productivity and food sufficiency.”

On the outlook for the year, Mr. Ohiwerei said: “with respect to the fertilizer market, the Nigerian fertilizer market will continue to grow as food security is of utmost importance to the federal government.

“A recent report from UNICEF projected nearly 25 million Nigerians are at risk of facing hunger between June and August 2023 if urgent action is not taken. The Federal Government continues to deepen its investments in the Agricultural sector through policies and initiatives to further boost the agricultural value chain.

“Notore intends to continue to prioritise the domestic market, improve its product offerings and leverage opportunities to meet demand both in the domestic and West African markets.”