Olam moves into profit, posts Q4 net profit of S$102m

OLAM International posted a fourth quarter net profit of S$102.2 million from a loss of S$269.5 million a year ago led by better operational performance and lower exceptional losses.

This was achieved on the back of a 12 per cent improvement in revenue to S$6.1 billion from S$5.4 billion.

Earnings before interest, tax, depreciation and amortisation (Ebitda) over the three months to December 2016 increased 34.4 per cent to S$349 million owing to a strong performance from confectionery & beverage ingredients and food staples & packaged foods, which offset declines in other business segments, said the company in its results announcement.

Earnings per share for the quarter under review came in at 3.24 Singapore cents from a loss per share of 9.87 Singapore cents in the year ago period.

The board has recommended a final ordinary dividend of three Singapore cents per share compared with 3.5 Singapore cents a year ago. This brings total dividends to six Singapore cents per share for FY2016, the same as the previous financial year of 18 months.

Olam has changed its fiscal year end from end June to end December, hence the previous fiscal year is for 18 months ended December 2015.