Notore Records N21.55bn Revenue for 2023, to Raise N105bn in Equity


Africa’s leading fertilizer and agro-allied company, Notore Chemical Industries Plc, has announced that it recorded a group revenue of N21.55 billion for the Year ended 31 December 2023.

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

It said: “The year 2023 proved to be a challenging period for Notore, characterized 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.”

Group Managing Director, Ohis Ohiwerei, commented: “Notore is focused on navigating economic conditions and is optimistic about the future. It will leverage its 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 (EGM), 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.

The company also announced the appointment of Mr. Femi Agbaje as the Chairman of the Board of Directors until the completion of the Company’s ongoing equity transaction.

With a career spanning over four decades, Mr. Femi Agbaje brings a wealth of experience to his new role. He previously served as a Non-Executive Director of the Company and held the position of Chief Financial Officer of Notore until September 2018. His extensive experience in finance and banking positions him as an asset to Notore as it navigates its strategic objectives.