Business

Notore posts 6% revenue growth

Leading fertiliser and agro-allied company in Africa, Notore Chemical Industries Plc, has posted a six per cent revenue growth, showing gross revenue of N17.4 billion and operating income of N3.8 billion for the nine months ended June 30, 2020. The company disclosed this in its unaudited Q3’20 financial results.

In a statement, it said: “There has been good progress with the ongoing Turn Around Maintenance (TAM) programme on the existing plant. Significant increases in production outputs and revenues are projected after TAM is completed at the end of December 2020 as expected.”

Giving further breakdown of its results, the company said: “The gross revenue stands at N17.42 billion, compared to N16.49 billion in Q3 2019 (6% YoY growth), representing a modest increase in production output and sales, while operating income is N3.79 billion, compared to N3.34 billion in Q3 2019 (an increase by 13% YoY) driven largely by increases in other income.

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