Olam Group PATMI up by 1.8% in H1
Revenue for the half-year increased by 24.6%.
Food and agri-business Olam Group saw its profit after taxation and minority interests. (PATMI) increase by 1.8% in the first half of 2022 (H1 2022), offset by higher finance costs amidst a high interest rate environment, taxes and higher one-off exceptional charges related to the reorganisation.
Operational PATMI was up 8.2% to $472.5m. The group also reported a revenue increase of 24.6% year-on-year (YoY), driven by higher prices across many products and commodities in H1 2022.
Revenue increased 24.6% year-on-year on higher prices across many products and commodities in H1 2022.
Earnings before interest and tax (EBIT)grew 25% to $802.1m mainly due to the strong earnings contribution from Olam Agri where it contributed 75.9% of total Group EBIT. Meanwhile, ofi contributed 33.0%. However, the remaining Olam Group offsetted the increase by -8.9%.
“Our strong operating performance in H1 2022 in a highly volatile geopolitical and macroeconomic environment continues to validate our strategy and the effectiveness of our reorganisation,” Olam co-founder and group CEO, Sunny Verghese, said.