Omnia’s turnaround plan brings expected profitability

DURBAN – Omnia Holdings’ share price surged by more than 34 percent on the JSE yesterday after the diversified chemicals group said it expected to return to profitability in the year to end March thanks to its turnaround plan implemented last year. 

The group supplies chemicals and specialised services and solutions for the agriculture, mining and chemical application industries.

The group said it foresaw its earnings per share (Eps) would increase by between 112 and 125 percent, to be between 65 cents a share and 130c compared to a restated loss of 530c reported last year. 

Its headline earnings per share (Heps) was expected to increase by between 282 and 302 percent, to be between 177c and 196c compared to a restated headline loss of 97c reported last year. 

“Omnia continues to implement its turnaround plan and restructuring processes. During the 2020 financial year, this plan focused on creating a sustainable platform for growth while addressing cost reduction, effectively managing working capital and ensuring a return on capital previously invested,” the group said in a trading statement.

Source: iol.co.za