Olam's Q2 profit jumps 20% on improvement in food category

AN improved operational performance in its overall food category gave a fillip to Olam International's results for the second quarter of this year.

Net profit shot up 20 per cent to S$114.9 million from the previous year, the group said in a Singapore Exchange filing on Friday.

For the three months ended June 30, revenue expanded 3.5 per cent to S$4.98 billion from the preceding year. The expansion in revenue was due to increases in revenue in segments such as edible nuts, spices & vegetable ingredients, confectionery & beverage ingredients and industrial raw materials.

Earnings per share edged up to four Singapore cents in Q2 from 3.76 Singapore cents in the previous year, while net asset value per share edged up to 154.84 Singapore cents as at June 30, from 154.58 Singapore cents as at Dec 31, 2015.

Dividend per share expanded to three Singapore cents from 2.5 Singapore cents in the preceding year.

Olam shares closed at S$1.855 on Thursday.