Olam H2 profit falls 24.5% on higher net financing costs

FOR the second half year ended Dec 31, 2022, agri-business Olam Group ’s net profit fell 24.5 per cent to about S$200 million from S$264.9 million a year earlier.

The group said in a bourse filing on Monday (Feb 27) that this was due to higher finance costs, which had doubled over the period.

Revenue for the second half of the year showed a 9.5 per cent improvement from H2 2021, growing to S$26.5 billion from S$24.2 billion.