By Babajide Komolafe
Notore Chemical Industries Plc has recorded revenue of N9.43 billion for the third quarter ended 30th June 2021, in the wake of the completion of its Turnaround Maintenance Programme (TAM).
Group Managing Director/Chief Executive Officer (CEO), Mr. Ohis Ohiwerei, disclosed this in a statement adding that during Q3’21 the company focused on post-TAM plant stabilization and optimization to ensure that the company meets its 500,000MT per annum nameplate capacity.
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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.”
He said the production and sale of Notore NPK fertilizer into the domestic market is expected to contribute to the company’s revenue growth going forward, noting that Notore’s NPK Fertilizer brand has been widely accepted by the market.
He added, “As we ramp up our Urea fertilizer production, we expect substantial increases in NPK fertilizer production and sales going forward. Sale of Notore seeds to Nigerian farmers has also continued in furtherance of our corporate vision to be a major contributor to the development of Africa.
Ohiwerei said the company has recorded impressive success with phase one of its expansion into rice production.