Notore posts N17.47bn revenue in Q3

Nigeria’s fertilizer and agro-allied company, Notore Chemical Industries Plc, has recorded N7.47 billion revenue in the third quarter, representing 85 percent growth after its Turn Around Maintenance (TAM). In a statement, Notore’s Group Managing Director, Mr Ohis Ohiwerei, said the company is focused on achieving its nameplate capacity post-TAM and optimising its sales distribution to […]

Nigeria’s fertilizer and agro-allied company, Notore Chemical Industries Plc, has recorded N7.47 billion revenue in the third quarter, representing 85 percent growth after its Turn Around Maintenance (TAM).

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

He said, “The relentless effort and focus of our team on attaining plant reliability have enabled the business to maintain daily production volume output at 1,000MT. The emphasis going forward is to maintain the current daily production volumes and ramp up over the next few months to name plant capacity.

“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% and 30% 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 Fertilizers,” he added.