Olam Group H1 profit surges on disposal gains; shares slide
Olam Group reported a nearly sixfold increase in its first-half profit, reaching S$1.91 billion for the period ending June 30, primarily due to gains from asset sales and revaluation linked to its restructuring program. However, shares of the Singapore-based agricultural products manufacturer plummeted more than 6% following a sharp decline in its core operations.
The company's profit attributable to continuing operations narrowed by more than half to S$64.4 million, as heightened disruptions caused by the war in West Asia impacted demand for its products. Olam divested a 44.58% stake in Olam Agri and sold its technology services business Mindsprint, resulting in a one-time gain of S$1.75 billion.
Despite these gains, the interim dividend per share was reduced to 1 Singapore cent from 2 Singapore cents the previous year, while a special dividend of 6 Singapore cents per share was also declared.
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