Om Holdings International Inc - OMHI STOCK NEWS

OM Holdings International, Inc. (OMHI) plans to seek a dual listing on the Toronto Stock Exchange (TSX-V) to enhance liquidity, market accessibility, investment security, credibility, and visibility. The company aims to facilitate international growth, unwavering commitment to shareholders, and trading flexibility for investors. The dual listing strategy sets the stage for an uplisting to NASDAQ in 2024, aligning with NASDAQ's rigorous standards and promising new growth avenues and broader investor engagement. OMHI recognizes the delay in releasing its annual report due to a transition to IFRS accounting practices but is pleased to share that 2023 has been marked by the highest revenue in its history.

OM Holdings International, Inc. (OMHI) reported Q3 revenue of $12.43 million, a 29.6% YoY growth. Gross margin increased to $3.39 million. Net income decreased from $699,664 to $357,479. Total assets and shareholders' equity increased to $58.45 million and $18.41 million respectively. The company unveiled a strategic plan for the next 12 months, including product expansion, retail expansion, market expansion, building partnerships, and financing growth.

OM Holdings International Inc (OTCQX: OMHI) has announced the opening of its fourth OneMart store in the Caribbean, located in Lower Estate, in a bid to expand its retail presence. This new store is part of a strategic plan that includes the exploration of additional stores and the use of Micro Fulfilment Centers (MFCs) to enhance order processing and delivery. The company aims to provide a seamless shopping experience through its DoMart feature on the DoGetGo App. OMHI is also considering an up-listing to the Nasdaq or a secondary listing on the TSX-V to broaden its shareholder base and secure funds for growth initiatives. Mark Vanterpool, CEO, emphasized the company's focus on adapting to consumer preferences as it aims to transform the retail landscape in the Caribbean.

OM Holdings International (OTCQX: OMHI) reported a remarkable fiscal year ended August 31, 2022, with revenues increasing by 28.7% to $37.2 million from $28.9 million. The gross profit surged 37.4% to $12.2 million, reflecting a healthy gross margin of 32.9%. Net income rose 42% to $2.4 million, supporting a net income margin of 6.5%. Earnings per share improved to $0.05, up from $0.04. For fiscal 2023, the company anticipates revenues of $40 million - $42 million and net income exceeding $2.5 million. Operationally, OMHI opened two new stores, totaling three locations, and launched the DoRide experience in its DoGetGo app, which aims to enhance customer engagement.

On October 6, 2022, OM Holdings International (OTCQX: OMHI) launched the DoRide experience within its DoGetGo Super App at Half Moon Resort, Jamaica. This new ride-booking service involves government-approved drivers with newer vehicles. Partnering with the Jamaica Union Travelers Association (JUTA), OMHI aims to onboard 90% of JUTA's 12,000 drivers. The company expects substantial revenue from the projected 2.45 million visitors spending $2.9 billion in transportation by year-end. Future expansions will include various delivery and service options, enhancing user experience.

OM Holdings International (OTCQX: OMHI) reported strong financial results for Q3 and nine months ending May 31, 2022. Net sales for Q3 reached $9.6 million, a 30% increase from $7.4 million year-over-year. Gross profit also rose to $2.9 million, up 42% from $2.0 million. For the nine-month period, net sales hit $27.6 million, climbing 34% from $20.6 million. Net profit increased by 62% to $1.7 million from $1.1 million in the previous year. CEO Mark Vanterpool emphasized the company’s strategic initiatives aimed at expanding market presence and serving existing customers.

OM Holdings International (OTCQX: OMHI) announced a licensing agreement with IYAP, LLC to integrate mobile banking through the DoGetGo super app. This partnership enables API integration of banking, money transfers, and cryptocurrency services using the Liquid Cash platform. The upcoming feature, DoPay, will employ AI-based eKYC for secure identity verification and fraud prevention, aimed at improving financial transactions in the Caribbean. The service capitalizes on Jamaica’s $2.9 billion remittance market, providing users with various financial tools including virtual debit cards and real-time money transfers.

OM Holdings International Inc (OTCQX: OMHI) has opened its first OneMart store in Baughers Bay, British Virgin Islands (BVI), focusing on community needs and promoting its DoGetGo delivery app. Despite logistical challenges during the COVID-19 pandemic, the company plans to open eight additional stores in BVI over the next two years, aiming to create Amazon-like hubs for quicker delivery of essentials. The East End Fat Hogs Bay superstore is set to open in Q3, with construction completed and equipment installation underway.

OM Holdings International Inc (OTCQX: OMHI) reported a significant revenue growth of 36% for the six months ending February 28, 2022, reaching $18,059,000, compared to $13,268,000 in the prior year. Net profits surged 61% to $1,047,832, up from $650,827. Both March and April saw monthly sales exceeding $3 million. President Mark Vanterpool attributed this growth to enhanced food service operations and delivery despite ongoing supply chain issues. The company anticipates continued revenue growth and profitability as it opens new stores throughout 2022.