Finance

Notore records N12bn revenue for third quarter

Notore records N4.1bn revenue in Q1 2023

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

The Group Managing Director and Chief Executive Officer, Mr. Ohis Ohiwerei, was quoted to have said the Africa-leading chemical and agro-allied company’s year-to-date revenue stood at N32.95bn as of 30th September 2022, against N17.47bn recorded in the corresponding period of 2021.

He said, “Notore Chemical Industries Limited 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 per cent increase year-on-year.”

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He was also quoted to have said “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 was quoted as noting that the company intended 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.

He added, “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.”

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“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.

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“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.”

Punch

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