DESPITE an "extremely tough economic environment", worsened by negative weather conditions, chemicals group Omnia managed to end the year to March with an ungeared balance sheet.CEO Rod Humphris said: "Our stringent capital management has ensured that we have ended the year with an ungeared balance sheet and an increase in cash generated."The group’s agriculture trading segment had shown solid volume growth into Africa, he said.But margins were negatively affected by one-off losses in Australia due to a poor stocking position carried forward from the previous year, after a customer "reneged" on a big deal.Overall, Omnia’s operating profit margin of 7.1% was lower, with falls in agriculture and the mining division, although it saw an increase in the chemicals division.The overall operating profit of R1.2bn dropped 19% in the period.Group revenue of R16.68bn was flat, as gross profit fell 14% to R3.4bn. This was due to lower volumes in all three divisions, and competitive pricing in t...
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