Omatek Ventures Plc has reported a loss of N62.14m for the full year ended December 31, 2024, reflecting a decline in its financial performance compared to the previous year.
The company’s audited financial statements filed on the Nigeria Exchange Limited recently show that its revenue rose to N6.27m in 2024, from N0.10m recorded in 2023. However, despite the increase in revenue, high administrative expenses and other costs weighed on the company’s bottom line.
Omatek’s administrative expenses rose to N68.41m in 2024, compared to N64.01m in 2023. The company did not report any other income for the period under review, unlike the N35m recorded in 2023.
The company’s total comprehensive income stood at a negative N62.14m, deepening from the N4.10m loss recorded in the previous year.
The financial report also revealed that Omatek’s total non-current assets dropped to N2.40bn in 2024, from N2.83bn in 2023, reflecting a decline in the company’s asset base. Total liabilities stood at N5.07bn as of December 2024, slightly lower than the N5.42bn recorded in 2023.
Omatek’s equity position remained in the negative territory, with total equity at a N2.62bn deficit, worsening from the N2.55bn recorded in 2023.
The company’s earnings per share stood at a negative N0.021 per share, compared to N0.001 per share reported in the previous year.
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