Electronic income

Notore records revenue of N9.9 billion in 15 months – The Sun Nigeria

First Agri-allied and chemical company, Notore Chemical Industries, reported an operating profit of N9.9 billion in its audited results for the 15 months ended December 31, 2021.

In a statement by its Managing Director and Chief Executive Officer (CEO), Mr. Ohis Ohiwerei, the company said the period was dedicated to rebuilding and repositioning Notore to deliver on its promise to champion the African Green Revolution. According to him, “Although this was a very difficult time for Notore, he completed the TAM program during the period. The TAM was a critical step taken by the company to address the drawbacks affecting the stability and the reliability of its manufacturing plant, a key measure to increase production in order to reach and maintain its plant’s nominal capacity of 500,000 MT per year.

“The completion of TAM, which occurred during the period, has improved reliability and will result in a significant increase in the Company’s production. This achievement will lead to increased operating cash flow for the Company, strengthen its debt service capacity and generate substantial increases in revenue going forward, a critical key to returning the Company to profitability over the course of the year. exercise in progress. He noted that the company has taken steps to further diversify its revenue sources, adding that production of its Notore NPK fertilizer blend has continued to increase in terms of production and sales, with increases expected in periods coming.

He said, “Leveraging its installed NPK blending capacity of 2,000 metric tons per day and its successful introduction of the Notore NPK fertilizer brand, the company is well positioned for significant revenue and flow growth. cash in the future.

“Additionally, while leveraging the company’s seed business, robust supply chain and distribution network, Notore is further expanding its product offering by moving into rice production.