FY2024 Financial Highlights
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Revenue: Total revenues were J$1.92 billion. This marked a 6% decrease year-over-year from J$2.04 billion in FY2023, primarily due to challenges in the construction industry, Omni's largest market.
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Gross Profit: Gross profit for the year rose to J$637 million, a 6% increase from the previous year. The gross profit margin improved to 34% in 2024. This was achieved through effective cost containment strategies, operational efficiencies, reducing demurrage charges, shifting sales mix towards higher-margin products, and optimizing logistics and warehouse layout.
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Net Profit: Net profit after tax for the year was J$127 million. This was a 16% decrease from J$151 million in FY 2023, attributed mainly to one-off investments and provisions, including costs tied to the IPO. Earnings per stock unit amounted to J$0.05.
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Expenses: Total expenses increased by 24% to J$483.29 million, largely due to costs associated with the Initial Public Offering (IPO), anniversary campaigns, and rising transportation and export expenses.
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Finance Costs & Debt: Finance costs decreased by 31% to J$38 million due to proactive debt repayment. Long-term loans were reduced by 20% to J$285 million, improving the debt-to-equity ratio and enhancing financial flexibility
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Liquidity & Shareholders' Equity: The company maintained strong liquidity, with current assets exceeding current liabilities by J$692 million. The current ratio improved to 2.32:1, up from 1.70:1 in FY2023. Shareholders' equity experienced substantial growth, increasing to J$927 million, supported by retained earnings and J$250 million in additional paid-in capital from the IPO.
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Dividend Policy: Omni decided to reinvest profits rather than declare a dividend in FY2024, focusing on long-term growth and enhancing shareholder value through investments in production capacity, operational efficiencies, and new product lines.
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IPO Impact: The successful Initial Public Offering (IPO) on the Junior Market of the Jamaica Stock Exchange was oversubscribed by 65%, raising J$500 million (J$250 million in new capital for the company and J$250 million for selling shareholders). J$239 million of the IPO proceeds had already been deployed by the end of FY2024 for operational modernization.
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Retooling & Production: A state-of-the-art injection molding machine was commissioned in September 2024 as part of retooling efforts, designed for greater energy efficiency, faster cycle times, and precision output. This increased production capacity by 56%, from 2,035 metric tons to 3,182 metric tons per year.
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Exports & Market Diversification: Exports accounted for 14% of total revenue in FY2024, with a strategic focus on expanding into Central American and Caribbean markets (e.g., Panama, Barbados, Guyana). The company plans to increase its export-to-local revenue ratio to 20% in the medium term.
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Sustainability: Omni expanded its closed-loop recycling system, reintegrating internal plastic scrap into production, which is approximately 80% cheaper than virgin resin, reducing raw material waste and production costs. New moulds were engineered for wall thickness precision, cooling efficiency, and part ejection mechanisms to reduce material usage and energy consumption.