Olam Group EBIT jumps 51.4% to $641.6m

The company plans to list Olam Food Ingredients in both the London Stock Exchange and SGX soon.

Olam Group reported increased earnings before interest and taxes (EBIT) of $641.6m for the first half of the year, 51.4% higher than the same period last year.

This is its strongest operational earnings since its establishment, according to Olam Co-Founder and CEO Sunny Verghese.

“Our strongest operational earnings since inception reflect the underlying strength and resilience of our business despite the impacts of COVID-19,” Verghese said in a press statement.

The group reported a 22.9% EBIT growth in Olam Food Ingredients (OFI) and 58.9% EBIT growth in Olam Global Agri (OGA), two new operating groups formed after a recent re-organisation.

Moving forward, Olam is working on the initial public offering (IPO) of OFI in both the London Stock Exchange and the Singapore Stock Exchange.

“Separately, we are evaluating various strategies to maximise OGA’s long-term growth potential and value enhancement within the group as it continues with its plan for carve-out, potential IPO and demerger by the first half of 2023,” Verghese added.