Olam International's profits up 17.5% to $24.1m in Q3

Sales volume grew 44.4% in nine months.

Olam International reaps its harvest as its profits grew 17.5% YoY from $20.5m to $24.1m in Q3.

According to its financial statement, revenue increased by 42.7% YoY to $6.71b, whilst gain in fair value of its biological assets widened dropped by 80.9% to $0.5m.

For the nine months of the year, profits grew 26.7% from $249.1m to $315.6m.

The main contributors to growth were the segments edible nuts, spices & vegetable ingredients, which grew 38.9%, followed by food staples & packaged foods, which grew 29.1%, and industrial raw materials, AG logistics & infrastructure, which grew 18.9%.

The company's sales volume also grew by 44.4% YoY due to growth across all segments.

There was also a $1.1m for the period on the fair valuation of upstream dairy assets.