Omni Industries reports net profits of $127M for 2024

Omni Industries has reported net profits of $127 million on revenues of $1.92 billion for the year ended December 31, 2024.

While profits dipped slightly, compared with the previous year, gross profits rose by six per cent to $637 million, boosted by stronger core operations.

The company says the slight decline in net earnings was due to one-time costs linked to its initial public offering and targeted investments.

Finance costs fell by 31 per cent, and long-term debt dropped 20 per cent, strengthening the company's cash position.

Omni's current ratio stood at 2.32 to 1, meaning it held just over two dollars in current assets for every dollar owed in current liabilities.

Despite the positive indicators, no dividend was declared as profits were reinvested to support the company's continuing expansion programme.