Hot stock: Olam up as much as 10% as H2 profit rises 15.4% to S$230.8 million

SHARES of mainboard-listed Olam Group : VC2 0% climbed as much as 10 per cent on Wednesday (Feb 28) after the agri-business group posted a 15.4 per cent rise in net profit for its second half ended Dec 31, 2023.

The counter reached a high of S$0.99 on Wednesday morning, up S$0.09 as at 9.12 am. By 10.22 am, the counter was trading 7.2 per cent or S$0.065 higher at S$0.965, with 3.1 million shares changing hands.

Olam’s net profit for the six months ended December 2023 stood at S$230.8 million, up from S$200 million a year earlier. This translated to earnings per share of S$0.0567 for the half year, up from S$0.0478 the previous year.