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Notore Chemical Industries Plc has posted revenue of N9.43bn for the nine months ended June 30, 2021, 45.85 per cent lower compared to the corresponding period in 2020.It said in a statement that during the period under review, it focused on post-turnaround maintenance plant stabilisation and optimisation to ensure it met its 500,000 metric tonnes per annum nameplate capacity.
The Group Managing Director and Chief Executive Officer, Mr Ohis Ohiwerei, said, “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. “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. Achieving this level of production output will not only lead to significant increase in the company’s cash flows from operations, but also substantial increases in revenues annually.
“It is worth noting that a sizeable portion of the additional post-TAM revenue will contribute straight to the company’s bottom line, a major key to returning the Company to profitability.”
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