Notore Posts 239% Rise in Revenue, N1.5bn Profit for Q1 2022
Kayode Tokede
Leading agro-allied and chemicals company, Notore Chemical Industries Plc, has rannounced a group operating profit of N1.5 billion for third quarter ended March 31, 2022.
In a statement, Group Managing Director / CEO of the company, Mr. Ohis Ohiwerei, said Notore recorded revenue of N16.3 billion in the quarter under review, compared to N4.7 billion for the corresponding 2021 period resulting in a 239 per cent increase Year on Year (Y-o-Y).
Ohiwerei attributed the good showing to relative stable production operations during the period and the favourable global market conditions.
He added that the group record 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 prior year.
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.”
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, cash flows and profitability.”
