Notore Chemical Industries Plc has recorded N9.3 billion operating profit for the fourth quarter(Q4) of the 12-month period  which ended on September 30 2020, a 172 per cent increase from the previous year.

Its Group Managing Director/Chief Executive Officer (CEO), Mr. Onajite Okoloko,  explained in a statement that the increase was mainly attributable to surpluses from the professional re-evaluation of its assets. It recorded revenues of N18.8 billion.

 The company said that despite the harsh economic situation – largely due to the COVID-19 global pandemic – and the political climate in Nigeria, Notore achieved several important milestones to position the company for a great future. 

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 “Afreximbank, on December 31 2019, disbursed a N13.32billion facility, which set the stage for the commencement of the Turn Around Maintenance programme (TAM) for our plant. A significant part of all the equipment and spares ordered during the year for the TAM programme have been delivered, while most of the others are in transit. Although disruptions to global economies as a result of the outbreak of the COVID-19 pandemic has resulted in supply chain and logistics interruptions, particularly with respect to acquisition of parts and spares occasioned by the various restrictions and health advisories put in place by governments globally, the TAM is on course and expected to be completed at the end of January 2021, barring any further shutdowns or restrictions occasioned by the COVID-19 pandemic.”

 It continued: “Once completed, we expect significant improvement in the Plant’s reliability and production output to meet and sustain its 500,000MT per annum nameplate design capacity.  Achieving this level of production output will not only lead to significant improvements in the company’s cash flows from operations, but also significant increases in revenues annually post-TAM.  It is worth noting that about 70 per cent of the additional post-TAM revenue will contribute straight to the company’s bottom line, a major key to returning the company to profitability.”