Omatek Ventures’ loss widens to N2.09bn, survival threatened

Omatek Ventures Plc saw its loss widen sharply to N2.09 billion in the 2020 financial year from N1.37 billion a year earlier.

The company’s loss before tax deepened to N1.61 billion from N1.34 billion, according to its audited financial statements obtained by Markets Reporters.

Its revenue, however, jumped to N22.25 million last year from N1.04 million in 2019.

The company said the loss position and an interest cover of negative 0.14 “indicate the existence of material uncertainty, which may cast significant doubt on the company’s ability to continue as a going concern because shareholders fund had been eroded by accumulated losses”.

It, however, said the management and board had made adequate plans to reverse the trend by breaking new grounds in products and market development.

Omatek is a holding company that holds shares in the manufacturing, distribution and sales and service of various types of computers and home entertainment products, according to the financial statements.