Notore Records N12.06bn Operating Income in Q3 2022

Kayode Tokede

Notore Chemical Industries Plc, has recorded a group operating income of N12.06 billion for the third quarter (Q3) ended September 30, 2022 from a loss of N3.49billion reported in the same period in 2021

The Africa’s leading chemical and agro-allied company grew revenue by 89 per cent to N32.95billion in Q3 2022 from N17.47billion reported in 2021.

The company, in a statement by its Group Managing Director (GMD) and Chief Executive Officer (CEO), Mr. Ohis Ohiwerei attributed the increase reported in the group operating income to higher revenues from urea production.

He noted that the company intends 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, adding “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.”

Ohiwerei continued: “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.

“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.”