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