Managing Director of Omni Industries Patrick Kumst says the construction industry from which it derives 50% of its revenues is on the decline as only a few new buildings are going up.
As a result, he says the company has to be diversifying its product lines.
But he adds that despite the slowdown in the construction sector, the diversification process is bearing fruit as the company's net profits jumped by 18% during the quarter ended September 30 this year.
The company ended the quarter with a profit of $38 million, compared with $32 million for the similar period last year.
Mr. Kumst adds that net profits for the year to date jumped to $146 million from $129 million during the similar period in 2023.
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