Singapore-based agribusiness group Olam International has booked an increase in first-quarter profits, boosted by an increase in sales volumes.
For the three months to the end of September, the firm earned net profit of S$29.7m (US$23m) after tax, an increase of 56% over the corresponding quarter last year.
Go deeper with GlobalData
Profits were driven by a 21.1% increase in sales volumes and a 40.5% rise in net contributions. The firm’s four business segments, edible nuts, spices and beans, confectionery and beverage ingredients, food staples and packaged foods and industrial raw materials, all contributed to the growth in volumes and sales.
Sales climbed 30.6% to S$2.45bn, while volumes were up 21.1% on last year to 1.6m tonnes.
Olam CFO Krishnan Ravikumar said: “We are encouraged to see that all five business segments have contributed to the strong performance in Q1 FY2011.”
Last month, Olam secured over 50.1% of shares in NZ Farming Systems Uruguay (NZFSU) as part of a takeover offer.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe firm is also considering merging with Louis Dreyfus, a global commodity trading house.
