Olam’s operational profit or ebit increased 8.3% y-o-y to $888 million on strong earnings growth from OFI. Excluding amortisation of acquired intangibles, ofi’s adjusted ebit was $497.8 million in 1HFY2024, up 66.1% y-o-y. Olam Agri reported ebit of $512 million, 8.4% lower y-o-y. The remaining Olam Group (SGX:VC2
) incurred increased losses of $99.5 million from a prior loss of $16.7 million.
Olam Group has posted 1HFY2024 ended June patmi of $48.1 million, up by a slight 0.4% y-o-y as operational profit growth was offset by a significant increase in net finance costs of $217.4 million as well as higher taxes.
This includes exceptional losses of $25.4 million on the closure of the funds management business and ongoing re-organisation expenses. Excluding these exceptional losses, operational patmi was down by 60.1% to $73.5 million.
