Olam H1 profit up six times to S$1.9 billion on Olam Agri spin-off; declares dividend of S$0.07 a share
Earnings from continuing operations down 66%; group revenue slips 18%
Olam Group reported a significant increase in profit, up six times to S$1.9 billion, in its first half year results for the year ending June 30. The company announced a dividend payment of S$0.07 per share as part of its strategy to focus on its food ingredients unit, ofi, following the spin-off of its agribusiness arm, Olam Agri.
CFO Venkataraman Krishnan stated that the company's internal focus would be solely on ofi and OGH, the remaining businesses of the Olam Group. The earnings briefing was attended by senior management members including Shekhar Anantharaman, CEO of ofi, and Gautam Wadhwa, CEO of OGH.
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