Business

Notore records N9.43bn revenue in Q3’20

Nigeria’s leading agro-allied company, Notore Chemical Industries Plc, has recorded revenue of N9.43bn for the third quarter ended June 30, 2021, in the wake of the completion of its Turnaround Maintenance Programme (TAM).

 

In a statement by its Group Managing Director/ Chief Executive Officer (CEO), Mr. Ohis Ohiwerei, the company said during the period under review, it focused on post  TAM plant stabilization and optimization to ensure that the company meets its 500,000MT per annum nameplate capacity.

According to him, “due to gas supply disruptions beyond the Company’s control, it has taken longer than expected to complete the post-TAM plant stabilisation phase.

 

The gas supply challenge has now been resolved and we expect a major upturn in the plant’s reliability and production output to meet and sustain its 500,000MT per annum urea nameplate design capacity.

 

“Achieving this level of production output will not only lead to significant increase in the Company’s cash flows from operations, but also substantial increases in revenues annually.

 

It is worth noting that a sizeable portion of the additional post-TAM revenue will contribute straight to the company’s bottom line, a major key to returning the company to profitability.”

 

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