Olam

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

Chief Investment Officer, Manvinder Singh, will join a panel of experts at the upcoming Asia EQD 2023 event to discuss "Trends and Opportunities in QIS". To find out more about the event, visit https://lnkd.in/e9CvNndR

In a recent interview with The Business Times, Suresh S., CEO of Nupo Ventures, the incubation and venture-building arm of Olam Group, shared his vision of creating and scaling new businesses with sustainability impact in food, agriculture and beyond. He highlighted Jiva's success in Indonesia, a farmer services app that empowers over 70,000 farmers to adopt better practices, adapt to new conditions, and grow their incomes. Suresh also spoke about the growing demand for carbon measurement and management platforms, such as Terrascope, that uses machine learning and AI to significantly reduce the time taken to measure Scope 3 emissions. Read the full interview here: https://lnkd.in/gXE62S2q

We reported PATMI of $S47.9 million for H1 2023, a lower result driven by a one-off exceptional loss on lower almond yields in Australia, and sharply higher interest costs. This was evident across the entire almond industry in Australia for the 2022/23 growing season. We were also not immune to near-term impact from rapid benchmark interest rate hikes affecting companies globally.   Excluding this exceptional impact, our Operational PATMI was S$184 million. ofi saw a good first half led by growth in Ingredients & Solutions. Olam Agri demonstrated a resilient H1 2023 performance against an exceptionally strong H1 2022 performance and delivered significant growth in the Food & Feed – Processing & Value-added segment. The Remaining Olam Group narrowed its losses considerably and we are reconfiguring its portfolio while investing and developing our future growth engines. Our Board of Directors has declared an interim dividend of 3.0 cents per share.   Olam Agri and ofi remain focused on executing its respective IPOs, subject to all requisite approvals and prevailing market conditions. Olam Agri is targeting a concurrent listing in Singapore and Saudi Arabia by H1 2024. ofi’s proposed concurrent listing in London and Singapore is expected to take place on a sequential basis after the Olam Agri IPO.   Through the Re-organisation of our Group, we expect to unlock value for our shareholders and to create more value for all our stakeholders as the differentiated strategies of our operating groups allow us to capture more opportunities across the food, feed and ingredients space.   Read the full release here: https://lnkd.in/g3TeKP54 #OlamH123results

🏆We’re thrilled that Olam Group has entered Fortune’s Global 500 list for the third consecutive time! Thank you to all our employees, farmers, customers and partners for their contributions, as we continue to make a positive impact on the planet and our farming communities. https://lnkd.in/dgFRwG8u #Fortune500 

For the latest news, insights and stories from Olam Agri, follow us on LinkedIn now!

Have you followed Olam Agri on LinkedIn yet?   Don’t miss out on the latest news, insights, and stories on how we’re transforming food, feed, and fibre for a more sustainable future!   #OlamAgri #FoodFeedFibre