Singapore agribusiness giant Olam International saw profit and revenues climb in the first nine months of its financial year as sales volumes increased at its grains business.
The company recorded a net profit of S$308.4m in the nine months to the end of March. This was a 6.7% increase on last year.
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Earnings after exceptional items of S$5.1m were up 15% to S$300.7m. Sales in the period climbed 19.7% to reach S$14.3bn.
“Our focus on portfolio optimisation and positive cash flow achieved during the quarter were consistent with our recently updated strategy of pursuing ongoing profitable growth with an increased emphasis on productivity improvements and accelerated cash generation,” said Olam MD and CEO Sunny Verghese.
Last month, Olam announced plans to cut capital spending over the next three years by around S$1-1.2bn. The company is looking to raise around S$1.5bn in cash by fiscal 2016 by selling assets and scaling down some operations.
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