Olam Group’s PATMI up 0.4% YoY, driven by strong subsidiary performance

Ofi reported an EBIT growth of 71.54% YoY.

Olam Group’s profit after tax and minority interests (PATMI) rose marginally by 0.4% YoY to $48.1m in H1 2024.

The group attributed this modest growth to higher net finance costs and increased taxes, which offset the gains in earnings before interest and taxes (EBIT).

In H1, the group posted an EBIT of $888m, up 8.3% YoY.

Olam said strong profit growth from its subsidiary, ofi, drove the increase in the group EBIT.

The subsidiary saw its EBIT grow by 71.5% YoY to $475.5m, field by a 112.9% YOY growth from its Ingredients & Solutions segment.

With improved PATMI, the group’s board of directors declared an interim dividend of $0.03 per share.

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