Omatek Ventures Plc has reported a weak financial performance for the first quarter ended March 31, 2026, as its revenue base remained extremely limited while operating costs surged. The technology firm generated just ₦500,000 in revenue during the period, slightly higher than ₦300,000 recorded in the same quarter of 2025. After cost of sales of ₦100,000, gross profit stood at ₦400,000. However, administrative expenses of ₦16.62 million wiped out earnings, pushing the company into an operating loss of ₦16.22 million for the quarter.
The financial statements also highlight a severe imbalance between assets and operational output. Total group assets stood at ₦2.43 billion, but a dominant ₦2.2 billion of this value is locked in investment property, which did not generate any income during the period. Other asset classes remain minimal, with property, plant and equipment valued at ₦15 million, inventories at ₦25 million, and cash holdings at just ₦3 million, underscoring the company’s limited liquidity position.
Brandspur Banking News Desk gathered that Omatek’s financial structure continues to reflect significant pressure, particularly on the balance sheet. Total current liabilities rose to ₦5.14 billion, far exceeding current assets of ₦28 million, resulting in a deeply negative working capital position. Trade and other payables accounted for ₦3.92 billion, including ₦3.25 billion in accrued expenses, while other liabilities contributed an additional ₦216 million.
Equity figures also remained severely negative, with total group equity recorded at minus ₦2.71 billion. Retained earnings showed an accumulated deficit of ₦5.85 billion, while non-controlling interests stood at a negative ₦3.32 billion, reflecting sustained losses across subsidiaries and weak capital recovery over time.
Despite the weak financial position, the company disclosed that all borrowings from the Bank of Industry and First Bank have been fully settled, leaving long-term borrowings at zero. Management maintained that the company remains a going concern, although no new equity injection or confirmed investor funding was disclosed in the latest filing, raising further questions about future capital stability.
Over a five-year period, Omatek’s revenue trend has remained consistently low, falling from ₦3.75 million in 2021 to ₦1.11 million in 2023, ₦1 million in 2024, ₦1.15 million in 2025, and ₦500,000 in the latest quarter. The engineering segment, once its core business driver, recorded no external revenue in Q1 2026. The company, still listed on the Nigerian Exchange, continues to file statutory reports despite minimal operational activity. It was founded by the late Engr. Florence Seriki, whose estate retains a 52.77 per cent controlling stake.
