, Singapore
172 views

Lower almond yields and high-interest rates lower Olam Group’s H1 PATMI

The SGX-listed group posted $47.9m PATMI in the first half (H1) of 2023.

Olam Group revealed that its PATMI declined by 88.8% year-on-year to $47.9m in H1 2023 due to higher interest prices and lower almond yields in Australia. 

The group’s financial report also showed that the lower PATMI was attributed to a net exceptional loss of $136.1m, which is significantly higher interest costs of $245.9m and reduced contribution of Olam Agri due to the sale of the stake.

Its revenue also dropped 13.2% to $24.7b on reduced sales volumes coupled with lower commodity prices across several products in its portfolio.

The group is expecting a proposed listing on the premium segment in London, with a concurrent listing in Singapore, which could take place after the Olam Agri IPO on a sequential basis.

Olam Group Co-Founder and CEO, Sunny Verghese, said the focused and differentiated strategies of their operating groups will continue to allow them to grab opportunities across the food, feed and ingredients space.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!