An agro-allied company, Notore Chemical Industries Plc, has recorded N9.3 billion operating profit for twelve months which ended September 2020, about 172 percent increase from the previous year.
In a statement signed by the Group Managing Director/CEO, Mr. Onajite Okoloko, the company said the increase was mainly attributable to surpluses from the professional revaluation of its assets. It recorded revenues of ₦18.80bn.
“Afreximbank, on December 31, 2019, disbursed N13.32bn facility, which set the stage for the commencement of the Turn Around Maintenance (TAM) programme for our plant.”
It also said 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.
“Once completed, we expect a significant improvement in the plant’s reliability and production output to meet and sustain its 500,000 metric tonnes per annum capacity.”
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