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Olam H1 profit inches up 1.8% as group battles inflation, cost pressures

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Michelle Zhu
Uma Devi

Michelle Zhu &

Uma Devi

Published Fri, Aug 12, 2022 · 02:14 PM
    • Olam said it expects to deliver a better year-on-year performance for the full year as revised sales pricing and margin recovery gathers pace in H2.
    • Olam said it expects to deliver a better year-on-year performance for the full year as revised sales pricing and margin recovery gathers pace in H2. PHOTO: BT FILE

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    OLAM Group on Friday (Aug 12) reported a net profit of S$429.1 million for the first half of the fiscal year ended June 2022, up a marginal 1.8 per cent from S$421.5 million in H1 2021 as higher finance costs partly offset strong Ebit (earnings before interest and tax) growth for the period.

    Revenue for H1 2022 rose 24.6 per cent on year to S$28.4 billion from S$22.8 billion the previous year, as the group recorded higher prices across several of its products and commodities.

    Finance costs, however, expanded 36.7 per cent to S$327.3 million from S$239.4 million previously. Olam attributed this to a high interest rate environment, taxes and higher one-off exceptional charges related to its recent re-organisation.

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