February 14, 2025

OMNI INDUSTRIES LIMITED (OMNI)

Unaudited financials for the twelve months ended December 31, 2024:

OMNI INDUSTRIES LIMITED (OMNI) for the twelve months ended December 31, 2024 reported a 6% decrease in Revenue totaling $1.92 billion compared to $ 2.04 billion in the corresponding period last year. Revenue for the fourth quarter had a 12% decrease to close at $410.69 million compared to $467.20 million for the comparable quarter of 2023.

Cost of Sales amounted to $1.05 billion (2023: $1.24 billion), this represents a decrease of 15% year over year. Consequently, gross profit increased by 9% to $871.54 million compared to $797.96 million for the twelve months ended December 31, 2023. The company booked gross profit of $154.50 million for the fourth quarter versus $211.28 million reported for the similar quarter of 2023.

Other Income increased by 326% to close at $7.68 million (2023: $1.80 million), while Administrative Expenses increased by 16% from $266.16 million in 2023 to $307.75 million in the period under review. Additionally, factory expenses for the twelve months ended December 31, 2024 amounted to $234.78 million, a 19% increase relative to $197.30 million reported in 2023. As a result, total expenses increased by 24% from $565.44 million in 2023 to $703.35 million in the period under review.

Operating Profit for the twelve months ended December 31, 2024, amounted to $175.87 million, a 25% decrease relative to $234.32 million reported in 2023. Operating Loss for the fourth quarter amounted to13.07 million (2023: Operating loss of $9.59 million). Net Finance Costs totaled $40.65 million, a 26% decrease from the corresponding period last year. (2023: $54.77 million).

Profit before Taxation for the twelve months ended December 31, 2024, amounted to $135.21 million, a 25% decrease relative to $179.55 million reported in 2023. Loss before Taxation for the fourth quarter amounted to $24.72 million (2023: Loss before Taxation of $21.12 million).

Taxation for the twelve months ended December 31, 2024 had a 48% decrease to reach $14.94 million (2023: $28.64 million) . Net Profit  for the twelve months amounted to $120.27 million, a 20% decrease from the $150.91 million reported in 2023. For the fourth quarter, Net Loss was $24.72 million (2023: Net Loss of $15.84 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.05 (2023: EPS: $0.06), while Loss Per Share for the quarter totaled $0.01 (2023: LPS: $0.01). The number of shares used in these calculations was 2,500,000,000.

Notably, OMNI’s stock price closed the trading period on February 13, 2025, at a price of $1.06 with a corresponding P/E ratio of 22.03x.

Balance Sheet Highlights

The company’s assets totaled $1.64 billion (2023: $1.47 billion). The movement in total assets was 45% increase in ‘Inventories’ amounting to $812.76 million ($558.73 million) and a $26.40 million increase in ‘Plant, Property and Equipment’ to $434.78 million (2023: $408.38 million).

Shareholder’s equity was $920.70 million (2023: $574.42 million), representing a book value per share of $0.37 (2023: $0.23).

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