Olam races to rev up second growth engine

FOOD and agri-business giant Olam Group could soon be racing to a different beat.

The group is set to lose its biggest revenue generators with the spin-off of Olam Agri and food ingredients subsidiary ofi. Its top line would then come down to the horsepower of its “Engine 2” businesses and startup growth initiatives.

It has been some four years in the making now with Olam’s second growth engine revving up nicely. In 2022, revenue from the group’s associated incubating business segment came in at S$101.2 million, a sharp jump from S$22.9 million the year before.