Friday, 1 January 2016

OMATEK VENTURES PLC GROWS PROFIT BEFORE TAX TO N320 MILLION

Mr. Florence Seriki, GMD, Omatek Ventures Plc
Omatek Ventures Plc has recorded an increase of 104 per cent in profit before tax (PBT) for the year ended December 2014. The audited results of the company made available by the Nigerian Stock Exchange (NSE), showed that Omatek recorded a PBT of N320 million in 2014, compared with N157 million in 2013.


An analysis of the results showed that the company recorded a revenue of N1.145 billion, up from N1.024 billion in 2013. The company reduced selling and distribution expenses by 75 per cent from N34.85 million to N8.67 million. Similarly, administrative expenses fell from N241 million to N229 million. Also, Omatek reduced its finance cost by 92 per cent from N179.9 million to N10.81 million. Consequently, PBT jumped from N157 million to N320 million, while profit after tax stood at N284.7 million as against N182.3 million.

Market analysts commended the performance, saying it is a good development for investors of Omatek, which is an indigenous information communication technology (ICT), pioneering many innovations in the industry.

The Group Managing Director of the company, Mrs. Florence Seriki, called on the federal government to ensure full implementation of the local content policy in the ICT to achieve its aspiration for a knowledge-based economy.

Mrs. Seriki, gave the advice in Lagos when the Minister of Communication, Adebayo Shittu, made a working visit to the company in Lagos recently. According to her, technology is a key alternative in diversifying the nation’s economy which can help the federal government to amass wealth and reduce unemployment.

She urged the present administration to adopt the road map of former president Olusegun Obasanjo who created Public Private Patnership (PPP) in the ICT sector which grew indigenous IT firms.

Mrs. Seriki declared that Nigeria can be a manufacturer in the ICT global village and do away with foreign brands. She explained that an active IT sector will lead to  job creation, saying that solar is the solution to interrupted power supply.

Mrs. Seriki disclosed  the new Omatek solar tech solution to power Automated Teller Machines (ATM) of some commercial banks in the country. She noted  that Nigeria can use both hardware and software for revolution of wealth, industrial collaboration and local patronage. (Thisday)