Notore Chemical Industries Plc has recorded an operating profit of N9.48 billion as against the N3.418 billion made in the preceding year.
The company reported this in its audited financial statement for the year 2020 for the 12-month period ended September 30, 2020. The Group Managing Director/Chief Executive Officer (CEO) of Notore Chemical Industries, Mr. Onajite Okoloko, said the increase in the company’s operating profit is due to surpluses from the professional revaluation of investment properties class of its asset.
According to him, “we recorded an operating profit of N9.48 billion for the 12-month period ended September 30 2020 (September 30 , 2019: N3.42 billion), an increase of 177 per cent. The increase was mainly attributable to surpluses from the professional revaluation of investment properties class of its asset.”
He added that the company is diversifying its revenue stream through the optimisation of its assets, noting, that “by leveraging on its Oil and Gas Free Zone Developer Licensee status, the company took certain key steps during the year in furtherance of its plan to develop its 560 hectares industrial complex into a gas hub, as part of a gas monetization programme and the promotion of an integrated logistics service provider to companies operating in West Africa, along the entire oil and gas value chain leading to further diversification of the company’s revenue stream.
While noting that the company was well positioned to lead the fertilizer market in Africa, he stressed that the domestic fertilizer market was yet to be fully maximized, even as the company fortifies its distribution system to dominate the African market.
He added: “Notore’s products are well positioned for effective shipment and distribution across the Atlantic coast, and Notore has positioned itself as the major distributor of fertilizer in Africa. Notore fertilizer is made readily available to farmers through the company’s well-developed distribution and supply network, thereby ensuring increased output leading to hunger reduction and guaranteeing food security on the continent.”
He explained that Notore achieved several important milestones to position the company for a great future. He noted: “First was the disbursement of the N13.32 billion Afreximbank facility on December 31, 2019, 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…”