Notore Chemical Industries Plc, one of Africa’s foremost fertilizer and agro-allied companies, has reported a total group revenue of ₦21.55 billion for the year ending December 31, 2023. This figure was revealed in the company’s audited financial results for the year.
In a statement, Notore attributed its impressive revenue performance to the company’s resilience and ability to adapt despite the complexities of the challenging economic environment in which it operates. The company acknowledged the hurdles it faced during 2023, including the devaluation of the naira, significant fluctuations in foreign exchange rates, and the rising costs of financing due to changes in monetary policy.
Group Managing Director, Ohis Ohiwerei, expressed optimism about the company’s future, highlighting Notore’s focus on navigating the tough economic conditions. He stated, “Notore is committed to adapting to the economic landscape and is confident about its prospects. We will leverage our strengths to drive long-term growth and deliver value to our stakeholders.”
Building on this strategic resilience, the company announced substantial progress in its equity raise initiative, with approvals from both the Board of Directors and shareholders. The company expects this subscription offer to generate a capital inflow exceeding ₦105 billion, which will significantly strengthen Notore’s financial position.
In addition, during an Extraordinary General Meeting (EGM), shareholders approved the necessary steps for securing the financial boost that the equity transaction will bring. This capital injection will enhance the company’s operational capabilities and provide the funds needed to drive its future growth.
Notore also announced the appointment of Mr. Femi Agbaje as the new Chairman of the Board of Directors. This appointment is in effect until the completion of the ongoing equity transaction. Mr. Agbaje brings over four decades of professional experience to the role, having previously served as a Non-Executive Director and as the company’s Chief Financial Officer until September 2018. His extensive background in finance and banking will be invaluable as Notore continues to execute its strategic objectives.
