Omatek Ventures Plc has announced a disappointing financial performance for the full year ended December 31, 2024, reporting a loss of N62.14 million. This decline in profitability is attributed to high administrative expenses and other costs, which offset the company's revenue growth.
Key Highlights:
- N62.14 million loss for FY 2024, reflecting a decline in financial performance
- Revenue growth to N6.27 million in 2024, up from N0.10 million in 2023
- High administrative expenses of N68.41 million in 2024, compared to N64.01 million in 2023
- Total comprehensive income stood at a negative N62.14 million, deepening from the N4.10 million loss recorded in the previous year
Despite the increase in revenue, Omatek Ventures Plc's high administrative expenses and lack of other income weighed heavily on its bottom line, resulting in a significant loss for the year. The company's financial performance highlights the challenges it faces in achieving profitability, and investors will be closely watching its future developments.
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