OMNI Industries Limited has made its first shipment of construction buckets and garden hoses to Guyana, marking its entry into one of the region’s fastest-growing markets as it accelerates plans to become a regional manufacturer.

The Jamaican thermoplastics producer, which raised $500 million in an oversubscribed IPO last year, is leveraging its expanded production capacity and improved logistics to gain a foothold in Guyana’s booming construction and industrial sectors.

“Guyana’s economy is booming, and the demand for quality industrial products in sectors like construction is on the rise,” OMNI Managing Director Patrick Kumst said in a press statement regarding the development. “This expansion into the Guyanese market supports our strategic goal of becoming a key regional supplier.”

The move comes amid a broader push by the company to reduce its reliance on Jamaica’s choppy construction market, which the company said contributed to a five per cent decline in revenue to $1.92 billion last year. Still, OMNI managed to grow gross profit by six per cent to $637 million, aided by improved efficiencies, the roll-out of new product lines, and upgrades to its warehouse systems. Net profit, at $126.6 million, was down 16 per cent when compared to 2023.

According to Kumst, reception in Guyana has been positive, with local buyers eager for alternative regional suppliers, especially those offering customised products. The company is already in talks to expand its product mix for that market.

“There’s a lot of excitement from potential customers, not only to have alternate suppliers, but more so to have those suppliers come from the region,” he said.

Guyana is not OMNI’s first export market. The company began exporting to Panama in 2023 and is also pursuing opportunities in Barbados and Nicaragua as part of its regional growth strategy. According to Kumst, the move into Guyana is backed by market engagement efforts and the identification of local partners.

“As part of our strategy we will be partnering with two or three large distributors,” he told the Jamaica Observer, adding that OMNI expects to generate between US$200,000 and US$250,000 in revenue from Guyana over the next 12 months, but views this as just the beginning.

Both Barbados and Nicaragua are markets where the company believes it can grow its export revenue from 14 per cent of total sales in 2024 to 20 per cent over the medium term. It plans to achieve this by introducing private-label formats, expanding its houseware and packaging segments, and increasing participation in regional trade expos.

“In both markets, we’ve identified potential clients with unique product needs that require custom manufacturing—these are the prospects we’re engaging with first,” Kumst explained. “Barbados is a market we are targeting for expansion in 2025, and our initiatives there include participation in regional trade expos, direct outreach to local distributors, and leveraging JAMPRO and Caribbean trade agreements to facilitate market entry,” he told the Business Observer.

Guyana’s construction-led growth, fuelled by its nascent oil and gas industry, offers fertile ground for OMNI’s range of industrial and household plastic products. The company recently upgraded its manufacturing facility in Spanish Town with a state-of-the-art injection moulding machine — funded in part by IPO proceeds — which increased production capacity by 56 per cent to 3,182 metric tonnes per year.

That investment enabled the roll-out of several new SKUs, including bakery trays and expanded crate options, and is now supporting the company’s growing export ambitions.

“We can now scale our operations and deliver products faster while maintaining the high standards of quality our clients expect. That’s crucial for expanding into new markets,” Kumst said.

OMNI has committed to reinvesting profits rather than paying dividends for now, aiming to support its retooling drive and long-term growth initiatives.

“After careful deliberation, the board resolved not to declare a dividend at this time. This decision was made in light of several strategic and macroeconomic considerations, including the continued global economic uncertainty, particularly in the areas of shipping and freight logistics, which, while posing some risks, may also present new and emerging opportunities for OMNI to reposition and strengthen its operations; the prevailing local economic climate which necessitates prudent financial management and a strengthened balance sheet, and ongoing trade and tariff negotiations globally, the outcomes of which could impact input costs, margins, and strategic investment decisions,” the company said in a disclosure to shareholders via the Jamaica Stock Exchange on Monday.

Accordingly, OMNI said it has opted to reinvest its resources toward driving operational efficiencies, enhancing competitiveness, and securing long-term value for shareholders.