Half-Year Revenue: Notore Records N26 Billion

For the six-month period, ended June 30, 2022, Notore Chemical Industries Plc says it has recorded a revenue of N26.28 billion.

A statement by the company says this represents a 178.7 per cent growth compared to N9.43 billion recorded in the 2021 half-year.

A net profit before tax of N2.6 billion was also reported by the company in the same period, representing a 116.4 per cent improvement on year-on-year analysis.

Ohis Ohiwerei, Group Managing Director and Chief Executive Officer of the company, while speaking on the revenue growth attributed it to improvements in plant reliability and increased production output, a positive outcome of the Turn Around Maintenance programme implemented in 2021.

“Notwithstanding, operating income for the period was N10.85 billion, a significant increase of 328.7 per cent as compared to a loss (N3.30 billion) in 2021H1.

"This was as a result of increased profitable operations during the period.

"The Group reported a net profit before tax of N2.60 billion during the period as compared to a loss of (N15.84 billion) for 2021H1 (an improvement of 116.4 per cent YoY), a significant milestone towards its drive to a return to profitable business operations.

“The period witnessed an increase in Plant reliability and relatively stable operations, resulting in significant increases in production output and sales.

“The production of Notore NPK fertilisers has continued to ramp up, with significant increases in NPK production output and sales anticipated in the second half of the ongoing year.

“Additionally, the sale of Notore seeds to Nigerian farmers to enhance the yields of farm produce continued in furtherance of our corporate vision to be a significant contributor to the development of Africa.

“Notore intends to continue to expand into other products to further diversify the company’s revenue streams and boost profitability.

“As part of measures to return the Group and the Company to profitability and improve working capital, Notore had during the period, successfully restructured a substantial part of its short-term loans into fixed long-term loans, thus boosting its debt service management,” he noted.