Notore Chemical Industries reports Q4’21 revenue of N17.47bn

Nigeria’s leading fertilizer and agro-allied company, Notore Chemical Industries Plc, has recorded revenue of N17.47 billion, representing 85percent growth over the last three quarters because of the post-TAM (Turnaround Maintenance Programme) stabilisation and optimisation for the fourth quarter ended 30th September 2021. Notore’s Group Managing Director, Ohis Ohiwerei, said in a statement that company is […]

Notore Chemical Industries reports Q4’21 revenue of N17.47bn
Notore Chemical Industries

Nigeria’s leading fertilizer and agro-allied company, Notore Chemical Industries Plc,
has recorded revenue of N17.47 billion, representing 85percent growth over the last three quarters because of the post-TAM (Turnaround Maintenance Programme) stabilisation and optimisation for the fourth quarter ended 30th September 2021.

Notore’s Group Managing Director, Ohis Ohiwerei, said in a statement that company is focused on achieving its nameplate capacity post-TAM and optimizing 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
1,000MT. The emphasis going forward is to maintain the current daily production
volumes and ramp up over the next few months to name plant capacity.”

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 in Q5 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 25percent and 30percent 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.