By Emeka Anaeto
Notore Chemical Industries Plc has recorded a group operating profit of N1.5 billion for first quarter 2022, Q1’22.
The company’s revenue during the quarter was ₦16.3 billion, about 239% higher when compared to ₦4.7 billion in the corresponding period of 2021 period.
In a statement, Group Managing Director / CEO of the company, Mr. Ohis Ohiwerei, attributed the good showing to relative stable production operations during the period and the favourable global market conditions.
He said the company’s business operations experienced an upturn in production output in the quarter under review, due to improved reliability and stability of its plant following the Turnaround Maintenance programme executed in year 2021.
He further stated: “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.”