Omnia flags drop in profit

Chemicals, fertiliser and explosives group Omnia has warned of a drop in its interim profit — as it had to contend with a tough global economic landscape, characterised by poor economic growth, high inflation, supply chain disruptions and volatile commodity prices and exchange rates.
The company, valued at about R9,8 billion on the JSE, expects to deliver a resilient set of financial results reflecting the underlying strength of its diversified business model and the ongoing successful execution of its strategy in a complex and challenging macroeconomic environment.
“A focus on costs, prudent capital expenditure and stringent working capital management enabled the group to maintain a robust financial position with a positive net cash balance of approximately R1,6 billion,” Omnia said.