Olam sees 28.5% rise in Q2 profit, led by food segment

Olam International's warehouse (right) and storage and distribution vans.
Olam International's warehouse (right) and storage and distribution vans. PHOTO: OLAM INTERNATIONAL

SINGAPORE - Agribusiness major Olam International reported on Monday (Aug 14) a 28.5 per cent rise in second-quarter profit to S$147.7 million from S$114.9 million a year ago.

For the three months ended June, revenue grew 31 per cent to S$6.52 billion, due mainly to higher sales volumes across most business segments, particularly in its food stapes and packaged foods category.

For the first half-year, Olam's net profit rose 27.5 per cent to S$291.5 million on a 26.5 per cent increase in revenue to S$12.32 billion.

Olam biggest shareholders are Temasek Holdings and Japan's Mitsubishi Corp, Its other business segments comprise edible nuts, spices & vegetable ingredients, confectionery & beverage ingredients, industrial raw materials, ag logistics & infrastructure.

An interim dividend of 3.5 Singapore cents per share was declared.