Singapore-listed Olam Group logs nearly sixfold jump in first-half profit to $1.91 billion

Olam Group, a Singapore-listed major food and agri-business firm, reported a nearly sixfold increase in first-half profit for the six months ended June 30, 2023, to $1.91 billion. This substantial jump was driven by gains from asset sales, including the disposal of a 44.58% stake in Olam Agri and the sale of its technology services business Mindsprint, which resulted in a one-off gain of $1.75 billion.

Despite this strong financial performance, the group's operational profit attributable from continuing operations more than halved to S$64.4 million. Olam's dividend was declared at seven cents per share, up from two cents a year earlier, comprising an interim dividend of one cent per share and a special dividend of six cents per share.

The company's flagship unit, ofi, anticipates market volatility due to geopolitical developments, evolving trade policies, and weather-related supply risks, but targets low- to mid-single-digit volume growth and high single-digit adjusted growth in earnings before interest and tax over the medium term.

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