• Monday, April 22, 2024
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BusinessDay

Notore records N21.55bn revenue for 2023

Kwararafa targets 60% equity stake in Notore

…to raise N105bn in equity

Fertiliser and agro-allied company, Notore Chemical Industries plc, has recorded group revenue of N21.55 billion for the year ended December 31, 2023

This is contained in the company’s audited results for 2023.

The company said it recorded the result despite the complexities of the economic landscape, adding that it has demonstrated resilience in navigating a challenging operating environment.

“The year 2023 proved to be a challenging period for Notore, characterised by the devaluation of the naira, significant forex volatility, and the rising cost of funds driven by changes in the Monetary Policy Committee (MPC) rates,” Notore said.

Read also: Notore Chemical appoints Femi Agbaje as new chairman

According to Ohis Ohiwerei, group managing director of the company, “We are focused on navigating economic conditions and optimistic about the future. We will leverage our strengths to drive sustainable growth and value creation for stakeholders.”

Building upon this commitment to overcome challenges, the company announced significant progress in its equity raise transaction following approvals from the board of directors and shareholders. The subscription offer is expected to result in a substantial capital injection of over N105 billion into the company.

Also, during a recently concluded extraordinary general meeting, shareholders provided necessary approvals for the company’s financial prosperity. It added that these approvals pave the way for a substantial financial boost for various needs, noting that upon completion of the transaction, the injection of over N105 billion into Notore will bolster operational capabilities.

Read also: Notore Chemical nine-month revenue drops 61% to N13bn

Meanwhile, the company has appointed Femi Agbaje as chairman of its board of directors. He will serve until the completion of the company’s ongoing equity transaction.

With a career spanning over four decades, Agbaje brings a wealth of experience to his new role. He previously served as a non-executive director of the company, and also held the position of chief financial officer, until September 2018.