Just like other players in the specialty chemicals market, South Africa’s Omnia has experienced a fall in full year earnings, according to a statement from the company.
The company attributes the results to weak commodity prices, which has drastically reduced demand from the mining sector. This resulted from its mining business falling by 15% to 4.6 billion rand (about $300 million).
In a statement, Omnia explains: “Overall, market conditions remain challenging and some of the key factors affecting market conditions are as follows: softer demand in mining commodity and mineral markets throughout Africa and reduced mining activity in metals and minerals.”
Overall, Omnia’s revenue was 16.8 billion rand (approximately US $1.1 billion), with stellar performance from the agriculture division, whose business grew at 13 percent (8.2 billion rand).
Adapted for African Mining Brief Online from a report filed by Reuters