April 1, 2025
OMNI INDUSTRIES LIMITED (OMNI)
Audited 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 $1.29 billion (2023: $1.44 billion), this represents a decrease of 11% year over year. Consequently, gross profit increased by 6% to $636.78 million compared to $600.65 million for the twelve months ended December 31, 2023. The company booked a gross loss of $80.26 million for the fourth quarter versus gross profit of $211.28 million reported for the similar quarter of 2023.
Other Income increased by 1300% to close at $25.26 million (2023: $1.80 million), while Administrative Expenses increased by 15% from $266.16 million in 2023 to $305.35 million in the period under review. Additionally, selling expenses for the twelve months ended December 31, 2024, amounted to $177.94 million, a 74% increase relative to $101.97 million reported in 2023.
Operating Profit for the twelve months ended December 31, 2024, amounted to $178.74 million, a 24% decrease relative to $234.32 million reported in 2023. Operating Loss for the fourth quarter amounted to $34.42 million (2023: operating loss of $9.59 million). Finance Costs totaled $37.57 million, a 31% decrease from the corresponding period last year. (2023: $54.77 million).
Profit before Taxation for the twelve months ended December 31, 2024, amounted to $141.17 million, a 21% decrease relative to $179.55 million reported in 2023. Loss before Taxation for the fourth quarter amounted to $42.98 million (2023: Loss before taxation of $21.12 million).
The tax charge incurred for the twelve months ended December 31, 2024 had a 49% decrease to reach $14.57 million (2023: $28.64 million) . Net Profit for the twelve months amounted to $126.60 million, a 16% decrease from the $150.91 million reported in 2023. For the fourth quarter, Net Loss was $19.31 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 March 31, 2025, at a price of $0.99 with a corresponding P/E ratio of 19.55x.
Balance Sheet Highlights
The company’s assets totalled $1.66 billion (2023: $1.47 billion). The movement in total assets was primarily attributable to a 45% increase in ‘Inventories’ amounting to $812.76 million (2023: $558.73 million) and a $45.23 million increase in ‘Receivables’ amounting to $387.43 million ($342.19 million). Conversely, ‘Cash and cash equivalents’ decreased by 93% amounting to $7.33 million (2023: $111.81 million).
Shareholders’ equity was $927.03 million (2023: $574.42 million), representing a book value per share of $0.37 (2023: $0.23).
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