Olam

H1 2024 revenue increased 9.1% YoY to S$26.9 billion mainly on higher sales volumes. EBIT grew 8.3% to S$888.0 million with strong growth from ofi. PATMI held steady as EBIT growth was offset by the increase in net finance costs and higher taxes.   ofi saw a 71.5% YoY growth in EBIT to S$475.5 million on the back of a strong performance in the Ingredients & Solutions segment, which further reinforced the benefits of an integrated business model, a well-diversified portfolio, differentiated supply chain strengths and balance sheet flexibility to its customers.   Olam Agri's EBIT decreased 8.4% to S$512.0 million against a strong H1 2023. The Food & Feed - Processing & Value-Added segment delivers continued growth even against its exceptional H1 2023 results.   The Board has declared interim dividend of 3.0 cents per share, unchanged from H1 2023.   Read the full release here: https://lnkd.in/ggy8ziyf   #Olam1H2024Results

President of the Republic of Singapore, Tharman Shanmugaratnam, has recognised Olam for its commitment to integrating natural capital assessments throughout its operations. Speaking at the Lee Kuan Yew Water Prize 2024 ceremony at The Fullerton Bay Hotel, President Tharman highlighted Olam as an example of a company that takes sustainability seriously.    "[The company] knows that it has to preserve sustainability upstream, not just in the plant where it's doing the manufacturing or the processing," he emphasised.    Accounting for natural capital enables us to grow our business sustainably, alongside our customers, suppliers, and stakeholders.     Read the full article here: https://lnkd.in/gc4BfGwh 

We are excited to have been included as Top 5 in the inaugural FORTUNE Southeast Asia 500 and to have been recognised as one of the region’s largest companies! As a leading food and agri-business, we remain focused on addressing the challenges involved in meeting the needs of a growing global population, while achieving positive impact for farming communities, our planet and all our stakeholders. Check out the complete list here: https://lnkd.in/gaTQuWph #FortuneSEA500 #Fortune

Our Group CFO, Neelamani MuthuKumar, will be speaking at an ideation roundtable at the upcoming Asia Infrastructure Forum 2024. The roundtable will explore opportunities to drive regional economic growth and build resilience in the F&B and agricultural sectors through enabling and enhancing the food supply chain and strengthening infrastructure. Learn more at https://lnkd.in/gM9qc7DJ #TransformingAgriculture

We are pleased to share that we have published our 2023 Annual Report “Strengthening Connections for a Sustainable Future” highlighting our financial and non-financial disclosures across three comprehensive components – Strategic Report, Governance Report and Financial Report. Some of the key updates and highlights include the Group’s growth plans, sustainability focus and how the Group plans to nurture its other businesses. Sunny Verghese, Co-Founder and Group CEO shares about Olam Group’s resilience despite the complex challenges and disruptions evident in the Group’s operational performance. Read Olam Group’s 2023 Annual Report here: https://lnkd.in/gsQqTjYw

H2 2023 revenue decreased 10.8% YoY to S$23.6 billion as lower prices across several products in the portfolio offset sales volume growth. EBIT grew 19.3% to S$952.3 million with strong growth at both ofi and Olam Agri. PATMI improved 15.5% to S$230.8 million on EBIT growth and lower exceptional losses, even after accounting for higher net finance costs and lower contribution from Olam Agri following its 35.4% stake sale to SALIC.   FY2023 revenue decreased 12.1% YoY to S$48.3 billion. EBIT rose 10.1% to S$1.8 billion on double-digit growth by ofi and Olam Agri. PATMI declined 55.7% to S$278.7 million as the double-digit EBIT growth was partially offset by higher interest costs and lower contribution from Olam Agri.   ofi saw a 11.1% YoY growth in EBIT to S$829.3 million led by strong growth in Ingredients & Solutions segment. Olam Agri achieved 12.8% YoY growth in EBIT at S$967.7 million driven by strong growth in Processing & Value-added segment. The Remaining Olam Group saw an EBIT loss of S$25.1 million, dragged down by lower earnings from De-prioritised/Exiting Assets and losses in Incubating Businesses.   The Group has launched a share buyback programme aimed at boosting shareholder returns. The Board of Directors has also proposed a final dividend of 4.0 cents per share, bringing total dividends in FY2023 to 7.0 cents per share.   The Group remains committed to pursuing the IPOs of ofi and Olam Agri to unlock value for shareholders. However, listing sequence remains flexible while the Group explores other strategic options to unlock value.   Read the full release here: https://lnkd.in/ghmMx7SU   #OlamFY23results