Olam H1 Profit Inches up 1.8% as Group Battles Inflation, Cost Pressures

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Olam said it expects to deliver a better year-on-year performance for the full year as revised sales pricing and margin recovery gathers pace in H2. PHOTO: BT FILE

OLAM Group on Friday (Aug 12) reported a net profit of S$429.1 million for the first half of the fiscal year ended June 2022, up a marginal 1.8 per cent from S$421.5 million in H1 2021 as higher finance costs partly offset strong Ebit (earnings before interest and tax) growth for the period...

Agribusiness company Olam Group Ltd. reported that its net profit rose slightly in the first half, driven by higher sales.

Olam Group's first-half net profit rose to 429.12 million Singapore dollars ($313.3 million), compared with S$421.49 million a year ago.

The agribusiness company's sales rose 25% to reach S$28.45 billion, it said Friday.

Olam remains committed to seek a primary listing of its food ingredients unit Ofi in London, Olam CEO Sunny Verghese said in a release.

The company is also seeking to sell a further 10% stake in its agricultural unit Olam Agri to potential investors, and may also prepare the unit for a possible listing, depending on market conditions.

This item was corrected at 0047 GMT to reflect Olam's first-half net profit a year ago was S$421.49 million. The original version incorrectly gave the year-ago profit figure as S$431.49 million in the second paragraph.