Olam Q1 earnings up 6.9% to S$168.9m

Agri-food company Olam International's first-quarter net profit increased 6.9 per cent to S$168.9 million, from S$158 million for the year ago period as its improved operating performance was partly offset by higher depreciation and finance costs.AGRI-FOOD company Olam International's first-quarter net profit increased 6.9 per cent to S$168.

Ebitda grew 14.2 per cent to S$420.3 million from S$368.1 million on increased contribution from edible nuts and cocoa."Our diversified portfolio enabled us to better navigate continuing volatile macro and industry headwinds," said co-founder and group CEO Sunny Verghese.

He said Olam's recent acquisition of BT Cocoa in Indonesia and proposed acquisition of Dangote Flour Mills in Nigeria are examples of investing further in its leading businesses. “We have also successfully exited our sugar trading business, the fundamental fund business, our wood products business in Latin America, and our peanut farming and processing operations in Argentina in Q1 2019 as planned.”

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