Agrichemicals and explosives group Omnia says the earnings contribution of its mining-focused business has overtaken that of agriculture for the first time. It's upbeat about its new contract wins and is now eyeing the benefits of the world's first commercially viable non-nitrate explosive that it expects to"change the face" of the industry in the coming decade.
Omnia reported on Monday that its revenue fell 16% to R22.2 billion in its year to end-March and operating profit 10% to R1.7 billion, hit by a sharp downturn in ammonia prices in its agriculture-focused business. But margins still improved, as did finance income, and its overall profit rose 1% to R1.7 billion. Amid improvements to working capital, its net cash picked up by over a quarter to R2.3 billion, with the group keeping its ordinary dividend unchanged at R3.75, about a R619-million payout. However, it also declared a special dividend, R3.25 or R537 million, from none previously, meaning its total payout increased 70%.South Africans need to be in the know if we want to create a prosperous future.