Lower almond yields and high-interest rates lower Olam Group’s H1 PATMI
The SGX-listed group posted $47.9m PATMI in the first half (H1) of 2023.
Olam Group revealed that its PATMI declined by 88.8% year-on-year to $47.9m in H1 2023 due to higher interest prices and lower almond yields in Australia.
The group’s financial report also showed that the lower PATMI was attributed to a net exceptional loss of $136.1m, which is significantly higher interest costs of $245.9m and reduced contribution of Olam Agri due to the sale of the stake.
Its revenue also dropped 13.2% to $24.7b on reduced sales volumes coupled with lower commodity prices across several products in its portfolio.
The group is expecting a proposed listing on the premium segment in London, with a concurrent listing in Singapore, which could take place after the Olam Agri IPO on a sequential basis.
Olam Group Co-Founder and CEO, Sunny Verghese, said the focused and differentiated strategies of their operating groups will continue to allow them to grab opportunities across the food, feed and ingredients space.