Notore posts N9.43bn revenue

Notore Chemical Industries Plc has recorded N9.43 billion for its third quarter operation ended 30 June 2021 after it completed its Turnaround Maintenance Programme (TAM).

The Group Managing Director / Chief Executive Officer (CEO), Mr Ohis Ohiwerei, in a statement, said the company focused on post-TAM plant stabilization and optimization to ensure that the company meets its 500,000 metric tonnes (MT) per annum capacity.

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“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.”

He said the fertilizer company will grow its revenue by selling its more NPK fertiliser as well as the sale of

Notore seeds to farmers.

He said, “With the completion of the company’s phase one rice pilot programme, which resulted in the production of 5,000 of 50kg bags of Notore rice, we commenced phase two during the period under review.  We expect phase two to yield even better results and position us for the commercial launch of our rice brand next year.”

Ohiwerei also said the Nigerian fertilizer demand remains robust. “Upon completion of the post-TAM stabilization of the plant, we expect a major upturn in the plant’s reliability and production.”