Nigeria’s leading agro-allied company, Notore Chemical Industries Plc, recorded a total of N9.43billion in revenue for its third quarter ended June 31, 2021, amid 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 it had focused on post-TAM plant stabilisation and its optimisation programmes to ensure it meets its 500,000MT per annum nameplate capacity in the period under review.
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 fertiliser into the domestic market is expected to contribute to the Company’s revenue growth going forward, adding that Notore’s NPK Fertiliser brand has been widely accepted by the market.