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Food For Mzansi

Omnia’s turnaround strategy lands on fertile ground

by Staff Reporter
1st December 2020
in Agribusiness
Reading Time: 2 mins read
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Seelan Gobalsamy, Omnia’s CEO. Photo: Supplied

Seelan Gobalsamy, Omnia’s CEO. Photo: Supplied

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Despite covid-19 induced challenges, Omnia Holdings Limited, a JSE-listed chemicals group, delivered a resilient performance in uncertain local and international operating environments. In its interim results for the last six months published today, the group says its results reflects the benefits of continued execution against its strategic objectives.

“In line with our turnaround plan, we delivered a resilient performance in a challenging operating environment, both locally and internationally. These results demonstrate the ability of our leadership and management teams to act swiftly and decisively in order to continue delivering on commitments made to our customers, shareholders and other stakeholders,” says Seelan Gobalsamy, Omnia’s CEO.

Throughout the covid-19 lockdown Omnia continued its delivery of essential services, including primary chemicals and solutions for the agriculture, mining, manufacturing and fuel sectors which play an essential role in food security, economic stability and the livelihoods of people globally.

How Omnia made it happen

Key achievements during the first half of the year included improvements in sustainability metrics, a review and refocus of key operating businesses, further improvements in net working capital management and margins, increased cash generation and lower capital expenditure.

Omnia logoGroup revenue from continuing operations for the period was stable at R8.2 billion and operating profit rose by 25% to R341 million, benefitting from ongoing targeted expense savings for the year.

Omnia’s earnings before interest, tax, depreciation, and amortisation (EBITDA) from continuing operations, excluding impairments increased 11% to R742 million, while headline earnings per share (HEPS) from continuing operations came in at 141 cents, up from 43 cents, which is an increase of 228%.

As at the end of September 2020, Omnia’s net debt decreased by R1.4 billion and stood at R1.9 billion, excluding R77 million from the Agricultural Biological division, compared to R3.3 billion in the prior period. This improvement was underpinned by a consistent increase in cash generated from operations of R768 million. Net working capital reduced by a further R900 million from R4.6 billion in the prior period to R3.7 billion, excluding R332 million relating to the Agriculture Biological division.

Gobalsamy adds, “Our concerted efforts to entrench sustainable business practices returned an improved safety performance and empowerment rating as well as reduced greenhouse gas emissions and hazardous waste volumes. We take our role in protecting lives, creating sustainable livelihoods, and securing a better world very seriously. Omnia will continue to implement responsible strategies to ensure meaningful and sustainable value creation for all stakeholders.”

Omnia’s results in a nutshell

The JSE-listed chemicals group believes its first-half performance demonstrates continued strategic delivery in challenging times. Omnia published its interim results for the six months ended 30 September 2020 today with the following highlights:

  • new business model implemented and turnaround strategy delivering;
  • profit after tax from continuing operations increased to R239 million;
  • headline earnings per share from continuing operations of 141 cents;
  • cash generated from operations of R768 million;
  • net debt decreased to R1.9 billion;
  • improvements in environmental, safety and transformation metrics;
  • level 2 B-BBEE achieved; and
  • proposed sale of Oro Agri set to de-risk Omnia’s balance sheet.

 

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