Omatek’s Interim Result Rings N234m Profit

Omatek Ventures Plc has reported a net profit of N233.59 million for the third quarter ended September 30, 2012 as against loss of N72.16 million recorded in comparable period of 2011, according to an interim report of the company.

The report thus indicated adjusted earnings per share of six kobo for last year compared with loss per share of 1.0 kobo in corresponding period of 2011.

The positive third quarter report represents a major rebound for the company, which had struggled with a net loss of N415 million in the previous year.

Key extracts of the report showed that total sales rose from N687.82 million in third quarter 2011 to N1.33 billion in comparable period of 2012. Gross profit increased from N235.57 million to N493 million. Profit before tax stood at N248.74 million as against pre-tax loss of N67.36 million in comparable period of 2011.

The latest report further raised the prospects of dividend payment by the company.

Mrs. Florence Seriki, group managing director, Omatek Ventures Plc, had recently expressed optimism that shareholders would start to reap the benefits of its ongoing business growth initiative with the payment of dividend for this business year.

She outlined efforts being made to improve the performance of the company pointing out that there were hopes that the company could resume dividend payment by the end of this business year.