Notore records 117% increase in profit

NOTORE Chemical Industries Plc has recorded an operating profit of N9.48 billion as against the N3.418 billion made in the preceding year.

The company reported this in its audited financial statement for the year 2020 for the twelve-month period ended September 30, 2020.

In a statement, the Group Managing Director/Chief Executive Officer (CEO), Notore Chemical Industries, Mr Onajite Okoloko, said the increase in the company’s operating profit is due to surpluses from the professional revaluation of investment properties class of its asset.

According to him, the company recorded an operating profit of 9.48 billion for the twelve-month period ended September 30, 2020 as against 3.42 billion in 2019), an increase of 177 per cent.

The increase was mainly attributable to surpluses from the professional revaluation of investment properties class of our assets.”

He added that the company is diversifying its revenue stream through the optimization of its assets, noting, “By leveraging on its Oil and Gas Free Zone Developer Licensee status, the company took certain key steps during the year in furtherance of its plan to develop its 560 hectares industrial complex into a gas hub, as part of a gas monetization programme and the promotion of an integrated logistics service provider to companies operating in West Africa, along the entire oil and gas value chain leading to further diversification of the company’s revenue stream.

While noting that the company was well-positioned to lead the fertilizer market in Africa, he stressed that the domestic fertilizer market was yet to be fully maximized, even as the company fortifies its distribution system to dominate the African market.

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