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Leading agro-allied and chemical company, Notore Chemical Industries, has reported an operating income of N9.9 billion in its Audited Results for the 15 months ended December 31, 2021.
In a statement by its Group Managing Director and Chief Executive Officer (CEO), Mr Ohis Ohiwerei, the company said the period was for rebuilding and repositioning Notore to further deliver on its promise to Champion the African Green Revolution. According to him, “Though a very challenging period for Notore, it completed the TAM programme during the period. TAM was a critical step taken by the Company to address the drawbacks affecting the stability and reliability of its manufacturing plant, an essential measure to raise production output to meet and sustain its plant’s 500,000 MT per annum nameplate design capacity.
“The completion of TAM, which occurred during the period, has improved reliability and will translate to a significant upturn in the Company’s production output. This achievement will lead to increases in the Company’s cash flows from operations, strengthen its debt service capacity, and generate substantial increases in revenues in the future, an essential key to returning the Company to profitability in the ongoing financial year. He noted that the company has taken steps to diversify its revenue streams further, adding that the production of its Notore NPK blend of fertilisers has continued to ramp up in output and sales, with increases expected in the ongoing future periods.
He stated: “By leveraging on its installed 2,000 metric tons per day NPK blending capacity, and its successful introduction of the Notore NPK brand of fertilisers, the Company is well-positioned for significant growth in revenues and cash flows in the ongoing future.
“Additionally, while leveraging the Company’s seeds business, robust supply chain and distribution network, Notore is expanding further its product offering by going into rice production.
