Olam Q2 profit up 29% to S$147.7 m on growth in food category

OLAM International on Monday posted a nearly 29 per cent rise in net profit to S$147.7 million for the second quarter ended June 30 on growth in its food category, up from S$114.9 million a year ago.

This came on the back of a 31 per cent increase in revenue from S$4.98 billion last year to S$6.52 billion, due mainly to higher sales volumes across most business segments, particularly the food category.

Earnings per share came up to 4.70 Singapore cents, up from 3.93 in the previous year.

The mainboard-listed agribusiness has declared a one-tier tax exempt interim dividend of 3.5 Singapore cents per ordinary share for the current financial year.