Olam's Q1 earnings up 26.5% at S$143.8m

Singapore

COMMODITY trader Olam International reported a 26.5 per cent jump in first-quarter net profit to S$143.8 million from S$113.6 million a year ago led by a better showing in certain food segments.

Sales revenue for the three months to March improved 21.9 per cent to S$5.8 billion while sales volumes were up 50.5 per cent largely on opportunistic trading volumes in grains over the period, said Olam in its results announcement. Healthy growth in three of the five segments - edible nuts, spices and vegetable ingredients, food staples and packaged food and commodity financial services - fuelled a 19.8 per cent rise in earnings before interest, tax, depreciation and amortisation (Ebitda) to $398.6 million.