Omnia Holdings expects its annual profit to jump as much as 161 percent after restructuring and asset sales, the maker of chemicals and fertiliser said on Friday. Photo: Supplied
Omnia Holdings expects its annual profit to jump as much as 161 percent after restructuring and asset sales, the maker of chemicals and fertiliser said on Friday. Photo: Supplied

Omnia Holdings flags jump in annual profit

By Reuters Time of article published Jun 14, 2021

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OMNIA Holdings expects its annual profit to jump as much as 161 percent after restructuring and asset sales, the maker of chemicals and fertiliser said on Friday.

Omnia expects headline earnings per share – the main profit measure used in South Africa – of 371 cents to 402c per share versus 154c a year earlier, the explosives maker said.

It said it had recorded a one-off profit from the $146.9 million (about R2.012 billion) sale of its Oro Agri division to agricultural services firm Rovensa.

Omnia said the group’s operational performance had exceeded expectations despite coronavirus lockdowns in the first quarter and a resurgence in infections across regions where it operates.

“Omnia remains focused on its commitment to improve overall returns through the pursuit of organic and inorganic growth opportunities, greener technologies and expansion into geographies that enhance its impact in the world and ultimately create value for stakeholders,” the company said.

Omnia is expected to release its results for the year to the end of March on June 22.

REUTERS

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