SINGAPORE: Food propels Olam H1 sales

By Katy Askew | 12 February 2013

  •  Sales up 24.3%
  •  Food volumes up 83.2%
  •  Comparable post-tax profit up 10.1%
Olam sales, profits rise

Olam sales, profits rise

Olam International has booked a jump in first-half sales, which were up by almost one quarter on strong growth from the Singapore group's food business.

The company said sales in the six-month period rose 24.3% to S$9.6bn (US$7.72bn), on an increase in sales volumes of 71.9%.

Gains were driven by an 83.2% in volume growth at the group's food unit, with "net contribution" from the business up 24.2%.

Group profit after tax and minority interests rose 21.3% to S$197.3m. Excluding exceptional items, such as the sale and lease back of almond orchards in California, profit growth stood at 10.1%, while earnings per share rose 17.8%.

Show the press release

 

OLAM INTERNATIONAL REPORTS 21.3% GROWTH IN PROFIT AFTER TAX AND MINORITY INTEREST TO S$197.3 M FOR H1 FY2013

H1 FY2013 : Financial Highlights

  • Sales Volume of 7.8 million tonnes, up 71.9%

  • Sales Revenue of S$9.6 billion, up 24.3%

  • Net Contribution (NC) of S$734.3 million, up 21.0%

  • Profit After Tax and Minority Interest (PATMI) at S$ 197.3 million, a growth of 21.3%

  • Excluding exceptional items, PATMI at S$179.2 million, a growth of 10.1%

  • Food category Sales Volume up 83.1%, NC up 24.2%

  • Industrial Raw Materials Sales Volume up 16.1%, NC up 45.0%

  • EPS of 7.8 cents/share, up 17.8%

H1 FY2013: Other Highlights

  • Completed transaction for the sale & lease back of 4,795 acres of Almond Orchards in California releasing cash of S$68.5 million and resulting in a net gain (after tax) of S$18.1 million

  • Announced acquisition of Northern Coffee Corporation for US$6.2 million, 50% of Acacia investments for US$35 million to expand edible oil refining and distribution in East Africa, Dehydro Foods Limited, a leading processor of dehydrated onions in Egypt for US$30.8 million and Seda Solubles, a soluble coffee manufacturer in Spain for US$52 million. All these acquisitions are “On-Plan” and “On-Strategy”

  • Completed the acquisition of the remaining shares of New Zealand Farming Systems Uruguay Limited (“NZFSU”) and delisted the company from the NZX Main Board

  • Announced the termination of the proposed US$240 million investment in Usina Acucareira Passos (“UAP”), an integrated sugar milling operation in Brazil

 

Original source: Olam International

Sectors: Canned food, Commodities & ingredients, Confectionery, Financials

View next/previous articles

Currently reading -

SINGAPORE: Food propels Olam H1 sales

Currently reading -

CHINA: Synutra cuts forecasts again after Q3 results

There are currently no comments on this article

Be the first to comment on this article

Welcome to the home of food information, insight & intelligence

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page