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‘Half-year reports’ Notore records N26billion growth on plant maintenance

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‘Half-year reports’ Notore records N26billion growth on plant maintenance

Notore Chemical Industries Plc posted N26.28bn half-year revenue as against N9.43bn reported in the first nine months of 2021.

It also posted a profit before tax of N2.6bn in H1 2022, from N15.85bn loss reported in the first nine months of 2021.

Nigeria’s fertilizer-producing company performance in the period under review showed an impressive performance with its 500,000 metric tonne urea plant and a 600,000 metric tonne of NPK blending plant in Onne, Rivers State, Nigeria.

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Over the last five years, it had wallowed in debts and suffered severe revenue declines as it was unable to produce at full capacity.

In 2019, the company decided to embark on major turnaround maintenance of its plant which was completed in 2021 after Covid-19 induced delays.

According to a statement, the breakdown of revenue revealed that urea and other chemicals grew by 311.07 per cent to N24.97bn in six months of 2022 from N6.07bn reported in nine months of 2021, while revenue from NPK dropped to N639.46m in six months of 2022 from N2.27bn reported in nine months of 2021.

Since its plants are more reliable and production output has massively improved, delivery of urea and other chemicals amid increasing demand for fertiliser within and outside Nigeria is also high even as Russia/Ukraine war cast a dark cloud over its outlook.

Analysis by geographical location revealed that revenue within Nigeria grew significantly by 27.9 per cent to N11.57bn in six months of 2022 from N9.05bn reported in nine months of 2021, while revenue outside Nigeria moved from N388.8m in nine months of 2021 to N14.72bn in six months of 2022.

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