Finance

Notore posts N1.5bn profit in Q1

Notore records N4.1bn revenue in Q1 2023

Leading agro-allied and chemicals company, Notore Chemical Industries Plc, has recorded a group operating profit of N1.5 billion for Q1, which ended on March 31, 2022. 

In a statement, Group Managing Director / CEO of the company, Mr. Ohis Ohiwerei, said Notore recorded revenue of N16.3 billion for its Q1, which ended March 31, 2022, compared to N4.7 billion for the corresponding 2021 period resulting in a 239 per cent increase Year-on- Year (Y-o-Y) basis.

Ohiwerei attributed the good showing to relative stable production operations during the period and the favourable global market conditions. He added that the group recorded net profit before tax of N1.5 billion for Q1 2022 as compared to a loss of (N9.2 billion) for the corresponding period in the prior year.

Read:  Nigerian Breweries announces air peace, innoson as GUS 21 corporate partners

He said the company’s business operations experienced an upturn in production output in the quarter under review, owing to improved reliability and stability of its Plant sequel to the Turnaround Maintenance programme executed in year 2021

Stating that the stable production operations coupled with favourable market conditions, had boosted revenue and cashflows generated from operations during the quarter under review, leading to the profitable operating results announced by the company for Q1 2022, he said: “Notore operates in an “essential goods” industry and Nigerian fertilizer demand is quite robust and is expected to continue grow considering the strong governmental policy focus on promoting agriculture as a measure for diversification of the Nigerian economy and as a pathway towards attaining National food security.

“The domestic fertilizer market is robust and with an abundance of untapped potential.  Furthermore, the demand for urea and compound fertilizers, such as NPK, from the West African markets and Sahel African states is also quite significant. By leveraging on its robust distribution channels and market reach, Notore is well positioned to continue to serve our customers in all our markets.

Read:  AIICO pays N47.3bn claims

On the outlook for the year, he said, “We anticipate that the current Federal Government policies and initiatives in the domestic food and agriculture sector will continue to be favourable to the fertilizer space. Additionally, the on-going dynamics of the global market demand for Urea and NPK fertilizers is expected to span the rest of the on-going financial year, a boost to the business’ revenues, cashflows and profitability.”

Read:  NAHCO secures qatar airways contracts

Sunnews

Related posts

Fed Govt offers new savings bonds

NigGal

External reserves gained $5bn in October, says CBN

NigGal

NCC approves MTN, Airtel for spectrum auction

NigGal

Visa set to launch central blockchain system for digital currencies

NigGal

CBN extends ‘Naira 4 dollar scheme’ indefinitely

NigGal

New banknotes, beyond their aesthetics

NigGal

Leave a Comment