Omnia Holdings reports 4% fall in half-year profit
The South African chemicals group Omnia Holdings on Monday reported a 4% decrease in half-year profit, measured in terms of headline earnings per share, which it attributed to a sharp reduction in fertilizer prices.
The company said, though, that in the six months to September 30 it saw a significant rise in sales volumes as farmers increased their purchase of fertilizers.
Omnia also noted that its crop nutrients enterprise experienced a 14% decrease in revenue due to the fall in fertilizer prices, which prices had for the past few years remained high as a result of global supply chain disruptions, elevated gas prices, and the war in Ukraine.
The organization’s CEO, Seelan Gobalsamy, said in a press release that ‘Our results are characterized by a continued declining commodity cycle with a recovery in the latter part of the reporting period. This follows two years of higher commodity prices and, as a consequence, revenue and profitability declined.’