Lagos — Notore Chemical Industries Plc, a fertilizer and agro-allied company, has posted six percent revenue growth with ₦17.4 billion gross revenue and ₦3.8bn operating income for nine months ended June 30, 2020.
The company disclosed in a statement on its unaudited 2020 Financial Results.
In a statement, it said, "There has been good progress with the on-going Turn Around Maintenance (TAM) programme on the existing plant. Significant increases in production outputs and revenues are projected after TAM is completed by December 2020."
The N17.42bn gross revenue was 6% higher than ₦16.49bn posted in 2019, while the N3.79bn operating income is 13% higher than its previous ₦3.34bn.
Its debt service cost rose to ₦11.89bn from ₦10.45bn, about 14% earlier recorded, which it said was due to more borrowing to finance the TAM, and the impact of forex changes.
Notore's Group Managing Director, Mr. Onajite P. Okoloko, said, "Having installed and commissioned a brand new 2,000 metric tons per day NPK Blending Plant with capacity to produce various crop specialty blends of NPK fertilizer, the company is consolidating customer loyalty by expanding its product offerings."