Omatek Ventures announces N62.14m loss in 2024

Omatek Ventures Plc on Monday announced N62.14million loss before tax in its unaudited full year ended December 31, 2024 as against N28.47million loss before tax declared in 2023.
The computer-based company on the Nigerian Exchange Limited (NGX) declared a revenue of N6.27 million in 2024 from N1.11 million in 2023.
From the balance sheet position, Omatek disclosed N2.45billion total assets in 2024 from N2.88billion in 2023.
The company released its financial results for the year ended December 31, 2023. The company reported a total revenue of N3 million, an increase from N0.54 million in 2022.
Despite this growth, the company incurred a net loss of N292.75 million in 2023, a significant improvement compared to the net loss of N1,795.32 million reported in the previous year.
In the fourth quarter of 2023, Omatek Ventures reported sales of N3 million and a net loss of N14.48 million.
For the half-year period ending June 30, 2023, the company reported sales of N0.1 million and a net loss of N441.98 million, which was slightly higher than the net loss of N440.21 million recorded during the same period in the previous year.
These figures indicate that while Omatek Ventures has experienced a modest increase in revenue, it continues to face challenges in achieving profitability.
The stock prrce of the company dropped to N0.73 per share on NGX.