Olam H2 profit falls 24.5% on higher net financing costs
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Yong Hui Ting &
Uma Devi
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.
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