Milestone 4th OneMart Store Opens, Plus Enhancements for Mobile App to Build on Record FY2022 with Revenue of $37.2M: OMHI
OM Holdings International, Inc. (OTCMKTS:OMHI)
— Mark Vanterpool, CEO and Chairman
MIAMI, FLORIDA, UNITED STATES, April 18, 2023/EINPresswire.com/ — Milestone 4th OneMart Store Opens, Plus Enhancements for Mobile App to Build on Record FY2022 with Revenue of $37.2M and .05 EPS; Expecting Even Stronger FY2023: OM Holdings International, Inc. (Stock Symbol: OMHI)
Operator of OneMart Grocery Store Chain in the British Virgin Islands.
Offering Mobile App Based Delivery Services to Optimize Retail Business.
Expanding DoGetGo App in Western Jamaica with the Launch of DoRide.
Working with The Jamaica Union Travelers Association to Exclusively Use the DoGetGo Super App Over the Next Five Years for Their 12,000 Drivers.
Fourth OneMart Store Opens Accelerating Revenue Growth.
Plans for NASDAQ Up-Listing and/or Dual Stock Listing.
Fiscal 2022 Record Results with Total Revenues Increased 28.7% to $37.2M.
Earnings Per Share increased 25% to $0.05 from $0.04.
For Fiscal 2023, Expects Revenues of $40M- $42M and Net Income of $2.5M+.
OM Holdings International, Inc. (OTCQX: OMHI) operates delivery services and grocery stores in the Caribbean, through a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The OMHI storefront, OneMart, is the second-largest grocery store in the BVI. The OHMI technology subsidiary, Rydeum, has partnered with Jamacia’s largest taxicab union, JUTA, to launch the first Super App (DoGetGo) in the Caribbean. OMHI plans to become the leading provider of real-time goods and services in global underserved markets.
Fourth OneMart Store Marks Milestone as OMHI Maintains Expansion Momentum and Outlines Future Plans
On April 17th OMHI announced the recent opening of its third OneMart store in the last 9 months. The latest addition is the company’s Lower Estate location, bringing the total to four of the popular OneMart stores now in operation. This milestone marks a significant step in the company’s ongoing expansion, with each new store varying in size and amenities to serve as blueprints for future growth across three distinctly different market sizes. OMHI is also focusing on increasing revenues for the upcoming fiscal year as it continues to expand its retail footprint in the high-consumer-density Caribbean region.
OMHI is actively exploring the possibility of expanding its presence in other Caribbean islands and is currently analyzing acquisition targets to accelerate growth. As part of its strategic plan, OMHI is researching the implementation of three different-sized Micro Fulfilment Centers (MFCs), tailored to match the size of its three previous stores. Some of these MFCs may function as Dark Stores, focusing exclusively on online orders, which enables faster order processing and delivery times for customers. With the upcoming launch of the DoMart experience on the DoGetGo App, OMHI is poised to transform the retail landscape in the region, offering customers an innovative and seamless shopping experience.
The OMHI Lower Estate store marks the fourth OneMart location, joining the existing Purcell Estate, Baughers Bay, and East End supermarkets. This new edition highlights the company’s dedication to making shopping more convenient by strategically placing stores within people’s communities. At the core of the OMHI mission is a customer-centric agenda, focused on the specific needs and desires of our customers. We aim to give them the freedom and power to shop according to their preferences, ultimately enhancing their overall shopping experience.
In support of OMHI public equity, the board of OM Holdings International Inc. is actively exploring options for up-listing to the Nasdaq and/or a secondary listing on the Toronto Stock Exchange’s Venture Exchange (TSX-V) as part of its growth strategy. By pursuing these listings, OMHI aims to broaden its shareholder base and secure additional capital to fuel future expansion plans. This move demonstrates OMHI commitment to creating value for its shareholders and enhancing its position as a leading omnichannel retail solution provider in the Caribbean region.
Record Fiscal 2022 Results and Promising Fiscal 2023 Outlook
On March 10th OMHI announced record financial results for the fiscal year that ended August 31, 2022. Highlights included the following:
Total revenues increased 28.7% to $37.2 million, from $28.9 million.
Gross Profit grew 37.4% to $12.2 million from $8.9 million, and the gross margin widened. 210 basis points to 32.9%.
Operating income expanded 44.0% to $2.6 million, from $1.8 million, and operating margin improved 80 basis points to 6.9%.
Net income increased 42.0% to $2.4 million, from $1.7 million, and the net income margin widened by 60 basis points to 6.5%.
Earnings per share improved to $0.05 from $0.04.
Net margins increased due to higher food service and yacht provisioning sales increase buying power.
Operational Highlights for the Fiscal Year Ended August 31, 2022:
OMHI qualified to be traded on the OTCQX® Best Market from the Pink® market on January 4, 2022.
OMHI opened two stores in Fiscal 2022, ending the year with 3 locations and a food service division.
OMHI signed a License Agreement to Offer Mobile Banking and Payment Transfers with DoPay within DoGetGo Super App.
OMHI launched its DoRide experience within its DoGetGo super app in Western Jamaica.
Fiscal 2023 Outlook:
OMHI expects to open 2 stores to end the year with 5 stores total.
Projected total revenues of $40 million – $42 Million.
Projected net income to exceed $2.5 million from retail and food services alone.
OMHI expects to add 10,000+ DoGetGo app users.
Mark Vanterpool, President and CEO of OMHI commented, “Even with widespread disruption in the global supply chain that has affected many of our peers, OMHI delivered an outstanding year of growth, achieving record revenues and profitability as we emerged strongly from a demand-challenged environment caused by the Covid-19 pandemic.”
“We didn’t just get by – we grew exponentially as we expanded our retail footprint and launched our super app in its first market. Our vision is simple: develop a network of modern retail outlets that can serve as warehouse hubs and offer real-time delivery through our DoGetGo Super App.”
“This year, as we continue to build additional stores, we plan to explore retail acquisitions to further accelerate growth, increase buying power, and expand market share. With our OMHI technology subsidiary, we plan to launch more on-demand experiences – DoPay, DoTours, DoMart, DoFood, DoSend, DoShop – all within our DoGetGo app in our current market. We also look forward to establishing more synergistic partnerships in other non-homogenous global emerging markets.”
OMHI Expands the DoGetGo App in Western Jamaica with the Launch of DoRide
On October 6th OMHI announced the successful launch of the DoRide experience within its DoGetGo Super App, at the Half Moon Resort, in Montego Bay, Jamaica. DoRide is a transportation experience that allows users to book rides in real-time, with government-approved drivers who own newer model vehicles.
This launch was done in conjunction with the Jamaica Union Travelers Association (JUTA), Montego Bay Chapter, which previously executed a SaaS agreement with OMHI technology subsidiary, Rydeum Caribbean, to exclusively use the DoGetGo Super App for real-time booking and payment processing over the next five years for their 12,000 drivers.
With the assistance of JUTA’s management team, OMHI plans to progressively onboard drivers until 90 percent of the 12,000 JUTA drivers in the country are onboarded. OMHI has started onboarding in Western Jamaica, which will receive 72% of the nation’s projected 2.45 million visitor arrivals this year. In 2022, these visitors will spend about $2.9 billion nationally, with a large portion going toward transportation expenses. In 2023, the OMHI plans to complete DoRide expansion across the entire country by onboarding additional government-approved transport companies.
DISCLAIMER: CAP/FrontPageStocks/CorporateAds.com (CA) is a third-party publisher and news dissemination service provider. CAP/FPS/CA is NOT affiliated in any manner with any company mentioned herein. CAP/FPS/CA is a news dissemination solutions provider and is NOT a registered broker/dealer/analyst/adviser, holds no investment licenses, and may NOT sell, offer to sell, or offer to buy any security. CAP/FPS/CA’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release or the opinion of the writer. CAP/FPS/ CA is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. CAP/FPS/CA has been compensated $500 by a third party for the dissemination of this article.
These news releases and postings may contain forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In light of these uncertainties, the forward-looking events referred to in this release might not occur.
Mark Vanterpool, CEO and Chairman
OM Holdings International, Inc.
email us here
Visit us on social media:
OMHI – Who We Are