Notore ramps up TAM programme, intensifies diversification
Notore Chemical Industries Plc has said it has intensified efforts on its Turnaround Maintenance Programme to achieve nameplate capacity of 500,000mtpa and boost profitability from 2021.
The company fixed March 8, 2021 as the completion date for the exercise, which is expected to significantly increase its current production volumes, revenue, and operating cash flows.
The Group Managing Director and Chief Executive Officer, Onajite Okoloko, disclosed this in the company’s unaudited results for the first quarter ended on December 31, 2020.
He also said Notore recorded a revenue of N3.57bn in the first quarter of 2021.
On the status and merits of the TAM programme, Okoloko said, “The TAM is a critical activity required to improve the plant reliability and increase production output to meet and sustain its 500,000MT per annum nameplate design capacity.
“The programme is expected to be completed by 8 March 2021, barring any further interruptions occasioned by the global COVID-19 pandemic emergency.”
According to him, achieving this level of production output will not only lead to significant improvements in the company’s cash flows from operations, but also significant increases in revenues annually post-TAM.
Noting that the company was aggressively pursuing its diversification programme in seed and rice production, he said, “Sale of Notore seeds to Nigerian farmers have also continued in furtherance of our corporate vision to be a major contributor to the development of Africa.
Okoloko further noted that the production of Notore NPK fertilisers had begun to ramp up with major local market introduction achieved during the period under review.