Audited financial statements for 2024 of Omni Industries have now been corrected following ICInsider.com’s highlighting of an overstatement of earnings per share arising from an error in the computation of the average number of shares issued in 2024.
Neither the company nor its auditors originally, properly accounted for the increased number of shares arising from a stock split of the issued shares in early 2024.
The revised audited account, posted to the Jamaica Stock Exchange website this morning, shows the revised earnings per share for 2024 and has corrected for the omission of earnings per share for 2023.
The report now shows the average number of shares is just over 2.389 billion units with earnings per share of 5 cents, with 7 cents for 2023 from 2.25 billion shares.
Omni generated revenues of $1.923 billion in 2024, a 6 percent decline from $2.039 billion in 2023. Profit after taxation declined by 16 percent to $127 million from $151 million in 2023.
The company reported an improved gross profit margin of 33.1 percent, up from 29.5 percent in 2023. A sharp 31 percent jump in administrative and selling expenses to 483 million from $368 million eroded by benefit from improvement in the gross profit.
The company now needs to post corrected accounts for all the interim reports for 2024 that were based on the incorrect number of shares and, therefore, overstated earnings per share.
The stock that traded at $1 on Friday collapsed to 75 cents on Monday, with trading in the stock suspended after triggering the circuit breaker.