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Notore records N17.47bn revenue for Q4 2021

By Guardian Nigeria
02 November 2021   |   3:22 am
Nigerian fertilizer and agro-allied company, Notore Chemical Industries Plc has recorded a revenue of ₦17.47 billion representing 85 per cent growth over the last three quarters due to the post-Turnaround Maintainance...

Notore Chemical Industries Plc

Nigerian fertilizer and agro-allied company, Notore Chemical Industries Plc has recorded a revenue of ₦17.47 billion representing 85 per cent growth over the last three quarters due to the post-Turnaround Maintainance Programme stabilisation and optimisation for the fourth quarter ended 30th September 2021.

Notore’s Group Managing Director, Ohis Ohiwerei, in a statement, said the company is focused on achieving its nameplate capacity post-TAM and optimising its sales distribution to cushion the rising cost of input raw materials occasioned by the devaluation of the naira.

According to him, “The relentless effort and focus of our team on attaining plant reliability has enabled the business to maintain daily production volume output at 1,000 metric tonnes per cent. The emphasis going forward is to maintain the current daily production volumes and ramp up over the next few months to nameplate capacity.”

He added that the company’s strategy is expected to return it to profitability in the last quarter of the current financial year, as it continues to diversify its market outreach in both Urea and NPK fertilizers.

He noted: “We expect to see an increase in the demand for NPK fertilizers as we approach the dry season farming period. We also expect to harvest, mill and package the Notore Premium Rice Brand from the phase two pilot scheme this quarter.”

On the outlook for the year, Ohiwerei said the company expects revenue growth of between 25 per cent and 30 per cent in the last quarter of the financial year, reflecting stability and reliability in the plant.

“Beyond 2021, our outlook remains to attain the nameplate production capacity, while expanding the distribution of Urea and NPK Fertilisers.” he added.