Olam Group reports Operational PATMI of S$184.0 million for H1 2023

Aims to list Olam Agri by H1 2024, and list ofi on a sequential basis thereafter


Olam Group: 

  • Lower H1 2023 PATMI of S$47.9 million driven by a one-off exceptional loss on lower almond yields in Australia, and sharply higher interest costs as previously announced

Olam Agri: 

  • Strong H1 2023 performance in line with historical phasing of earnings between H1 and H2 but weaker and more normalised against an exceptionally strong performance in H1 2022
  • Significant growth in EBIT for the Food & Feed – Processing & Value-added segment on resilient demand in key markets, compensating for the lower year-on-year contributions from Food & Feed – Origination & Merchandising and Fibre, Agri-industrials & Ag Services segments
  • The Group is targeting the Olam Agri IPO by H1 2024, subject to all requisite approvals and prevailing market conditions


  • Good H1 2023 EBIT performance, excluding the exceptional one-off loss from lower almond yields, led by Ingredients & Solutions as contract re-pricing continues to flow through with anticipated time lag
  • Proposed listing on premium segment in London, with a concurrent listing in Singapore, expected to take place after Olam Agri IPO on a sequential basis

Remaining Olam Group: 

  • Continued benefits from restructuring; significantly lower losses from a year ago

Interim Dividend: 

  • Board declares interim dividend of 3.0 cents per share

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