Durrant Pate/Contributor

Omni Industries Limited, Jamaica’s leading manufacturer of plastic pipes and fittings, is gearing up for a new wave of growth, driven by increased export activity, new product lines, and expanded manufacturing capacity. 

Shareholders were told of the company’s optimistic outlook at its inaugural Annual General Meeting (AGM) on Thursday, July 31, at the Courtleigh Hotel and Suites in New Kingston, and were briefed on the strong 2024 results and forward-looking investments expected to boost productivity and reduce import dependence in key sectors. 

Managing Director, Patrick Kumst told the AGM that fiscal 2024 was a year of meaningful progress and spoke about positioning Omni for the future. “We strengthened our margins, reduced our debt, and reinvested in the systems and equipment that will carry us forward. What we’re building now is the foundation for broader product lines, stronger exports, and a deeper impact on Jamaica’s manufacturing sector,” Kumst said.

Scaling up its export operations

Several of Omni’s products are now in high demand across the Caribbean and parts of Latin America, where local manufacturing for these items is either limited or absent altogether. Omni is actively capitalising on this opportunity by scaling up its export operations.

Guyana was highlighted as a key emerging market, with rising demand for durable, regionally sourced plastic goods across both construction and agriculture sectors. Omni fulfilled its first shipment to Guyana in early 2025. Nicaragua, Belize and Barbados are now in sight. 

Kumst was proud to note that the company has delivered on all key commitments outlined in prospects for its 2024 Initial Public Offering (IPO). Proceeds from the public offering have been strategically deployed to upgrade critical equipment, modernise warehouse systems, and strengthen production capacity. 

In line with this, Omni announced the commissioning of a third modern injection moulding machine, the Milacron 910, which will enable it to manufacture bread trays, plastic chairs, large family-sized laundry baskets, and other existing products at a higher quality. The $49 million investment is expected to increase production capacity by 20% and follows the earlier commissioning of the Milacron 650 at the end of FY2024, which doubled the company’s output for high-demand items such as brewery crates. 

This was further supported by the purchase of new moulds, enabling Omni to begin manufacturing agricultural crates. According to Kumst, “these investments allow us to supply key sectors like agriculture, food manufacturing, and retail with products that were previously sourced overseas”.

2024 financial performance 

For the year ended December 31, 2024, Omni reported revenue of $1.92 billion, experiencing steady demand across its core business lines. Gross profit totalled $637 million, marking a 6% increase over the previous year, while net profit stood at $127 million. 

Though slightly below 2023’s net profit, the result included one-off expenses related to the company’s initial public offering and targeted operational investments. Despite these costs, the company improved key financial metrics. 

Finance costs declined by 31%, and long-term debt was reduced by 20%, strengthening Omni’s debt-to-equity position. Liquidity also improved, with the current ratio rising to 2.32 to 1, indicating a stronger balance sheet and greater resilience. 

No dividends were declared for the year, as the company chose to reinvest earnings into equipment upgrades and capacity expansion, in keeping with its growth strategy.