Omatek shares gain 40% YTD despite widening losses

Omatek Ventures Plc closed the first half of 2026 with its loss widening by 148.9 percent. Despite the losses, investors continue to trade in its stock, with its share price rising by 40 percent year-to-date.

The 37-year-old Nigerian tech company reported a loss of N31.43 million, compared to a loss of N12.63 million in the first half of 2025. The company generated N1 million in revenue despite reporting no sales in the same period of last year

Its balance sheet remains burdened by an equity deficit of N2.73 billion, which has accumulated over years of losses.

A business generating almost nothing to sell
The clearest problem sits at the top of the income statement. Omatek brought in just N1 million in revenue for the half year, all of it from goods sold through its engineering unit. In the same period last year, the company recorded no revenue at all. Its manufacturing and trading segments, the divisions that once defined the Omatek brand as one of Nigeria’s best-known computer assemblers, sold nothing in either period.

That left gross profit at N800 thousand, a figure so small it did little to offset administrative expenses of N32.23 million, which included statutory audit fees and other overheads. With no finance costs and no tax charge for the period, the operating loss flowed almost untouched to the bottom line.

On a standalone basis, stripping out subsidiaries, the parent company’s loss grew even faster, climbing 222.3 percent to N32.23 million from N10 million, an indication that costs at the holding company level rose more…