•  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%.

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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