Olam H1 profit rises 574% to S$323.8m as continuing operations swing into the black
The group would receive additional considerations of more than US$136 million if the first tranche of Olam Agri sale is not completed by end-2025
[SINGAPORE] Olam Group posted a 574 per cent rise in net profit to S$323.8 million for its first half year ended Jun 30, from S$48 million in the previous corresponding period.
This includes profit from continuing operations of S$177.3 million, compared with a loss of S$92 million in the corresponding period last year. Olam Agri, the division being hived off from the group under its major restructuring, registered a net profit of S$146.4 million, up 4.6 per cent from S$140 million in H1 2024.
The process of getting regulatory approvals for the sale of its remaining 64.6 per cent interest in Olam Agri to Saudi Agricultural & Livestock Investment Company (Salic), announced in February, is on track, noted Olam Group co-founder and chief executive officer Sunny Verghese in an earnings briefing on Thursday (Aug 14). “We have filed for regulatory approvals in 22 jurisdictions... and we have got seven approvals,” he said.
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