Chemical manufacturing group Omnia swings to profit

A chemicals plant.
A chemicals plant.
Getty Images

JSE-listed chemical manufacturer Omnia’s [JSE:OMN] restructuring appears to be bearing fruit, after the company announced it had moved from a loss to profit.  

On Tuesday, in its results for the year ended March 31, the fertiliser and mining explosives producer said it had made an after tax profit of R129 million, following last year’s loss of R407 million.

Headline earnings per share rose to R1.89, compared to a 97 cents loss in 2019. 

The group has also been grappling with a debt burden that grew to R4.2 billion in 2019, but this has been reduced to R1.88 billion, following a oversubscribed rights issue that saw it raise R2bn.

Seelan Gobalsamy, Omnia's CEO, said in a statement on Tuesday that the "robust execution" of its turnaround plan placed it in a strong position. 

ZAR/USD
17.04
(-0.38)
ZAR/GBP
21.81
(-0.11)
ZAR/EUR
19.90
(-0.12)
ZAR/AUD
12.03
(-0.12)
ZAR/JPY
0.16
(-1.12)
Gold
1860.65
(+0.03)
Silver
22.87
(+0.11)
Platinum
844.51
(+0.50)
Brent Crude
42.23
(-0.12)
Palladium
2207.00
(+0.59)
All Share
53587.11
(-1.22)
Top 40
49547.74
(-1.16)
Financial 15
9401.28
(-1.95)
Industrial 25
72949.70
(-1.72)
Resource 10
53453.42
(-0.10)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1368 votes
It depends on how the funds are used.
73% - 8867 votes
No. We should have gotten the loan elsewhere.
16% - 1959 votes
Vote