Chemical and agro-allied company, Notore Chemical Industries Plc, has announced a group revenue growth of 43 per cent to N27.02 billion for the 15-month period ended December 31, 2021.
Its Group Managing Director/CEO, Mr. Ohis Ohiwerei, said the company in the year 2021 changed its accounting date from 30th September to 31st December as part of the measures taken to strategically reposition the company for revenue growth and profitability.
According to him, “During the 15-month period, ended December 31, 2021, Notore recorded group revenues of N27.02 billion, an increase of 43 per cent over the prior financial year (N18.79 billion for financial year which ended on September 30, 2020).
“2021 was a year of rebuilding and repositioning Notore to further deliver on its promise to champion the African Green Revolution. During this period, the Company carried out a Turnaround Maintenance programme (TAM) which led to a 102-day plant shutdown. The 15 months prior to December 31, 2021, was a challenging period for the company occasioned by the negative global impact of COVID-19 disruptions.
“This caused TAM to extend over a prolonged period with consequential effect on production output. Nevertheless, Notore has improved its facilities’ reliability, and is well positioned for growth in 2022.”
He stated that the company is optimizing its operations and expects a major upturn in its production output in the on-going financial year.